Fly News Breaks for December 10, 2019
Dec 10, 2019 | 06:15 EDT
Wells Fargo analyst Todd Stender downgraded Public Storage (PSA) and CubeSmart (CUBE) to Underperform from Market Perform, also lowering their price targets to $202 from $230 and to $28 from $31 respectively. The analyst notes that the same-store net operating income growth for the former has already turned negative while that of the latter is on the cusp of doing so in the next few quarters. Stender adds that the self storage REITs have underperformed relative to the broader REIT group, and he expects the pressure to continue due to the "oversupplied" environment heading int 2020 with little prospects seen for a "meaningful" turnaround.
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