As previously reported, Raymond James analyst Jonathan Hughes upgraded CubeSmart (CUBE) to Outperform with a price target of $34 and downgraded Extra Space Storage (EXR) to Market Perform as part of a broader research note on self-storage REITs. The analyst is citing CubeSmart's more attractive valuation and smaller size relative to Extra Space Storage, making its external growth potential more impactful. Hughes adds that he remains positive on the latter's platform and geographic footprint, but sees its risk-reward profile as more balanced. The analyst is keeping a neutral stance on the broader self-storage REIT sector given the headwinds of "new supply pressure, maturation of the product, and outsized property tax hikes" weighing on its profitability "at least" through 2020.