CubeSmart Price Target Raised to $45, Launches $250M Self-Storage Venture
Barclays lifted CubeSmart's target to $45 from $43 following an updated self-storage REIT review and maintained an Equal Weight rating. The company and CBRE Investment Management launched a $250 million self-storage venture with its first Phoenix acquisition, while analysts’ consensus remains eleven hold and five buy recommendations.
1. Barclays Raises Price Target
Brendan Lynch at Barclays increased CubeSmart’s one-year price target to $45 from $43 and kept an Equal Weight rating after updating self-storage REIT models based on recent Q4 results.
2. $250M Self-Storage Venture with CBRE
CubeSmart and CBRE Investment Management formed a $250 million joint venture, acquiring a Phoenix property as the initial asset and planning to invest in core, core-plus and value-add markets with CubeSmart managing operations and value enhancement.
3. Analysts' Consensus Ratings
Sixteen analysts cover CubeSmart, with eleven issuing Hold recommendations and five issuing Buy ratings, resulting in an overall Hold consensus that reflects mixed views on the REIT’s valuation and growth prospects.