BofA Securities analyst Jeffrey Spector on Monday downgraded real estate company CubeSmart (NYSE:CUBE) to Neutral from a previous Buy rating. The analyst also reduced his price target from $33 to $31.
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Spector, in a note to investors, said the demand in the self-storage sector appears to have weakened in October. He continued by saying that while demand for self-storage facilities often drops this time of the year, he does not expect it to normalize soon.
He noted that data suggests CubeSmart may have a weaker Q4 than earlier predicted. Spector also said it is more reasonable to anticipate a slower start to 2024. However, he noted that CUBE’s exposure to New York City may bring some potential upsides.
Shares of CubeSmart traded lower in Monday’s afternoon session.
Is CUBE Stock a Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on CUBE stock based on one Buy, one Hold, and zero Sells assigned in the past three months, as indicated by the graphic above. Furthermore, the average CUBE price target of $45.00 per share implies a 33.69% upside potential.
