JPMorgan analyst Michael Mueller initiated coverage of CubeSmart with a Neutral rating and $32 price target. Over the past several years, CubeSmart has generated relatively strong organic growth, but the pace of moderation has seemingly picked-up due to market supply growth and expense headwinds, Mueller tells investors in a research note. The analyst says that while the initial bias to his Neutral rating is more cautious than positive, CubeSmart's relative valuation discount presents an opportunity for the stock "when trends ultimately flatten and begin to inflect."