RBC Capital initiated coverage of CubeSmart with an Outperform rating and $56 price target. The firm is positive on the company’s “unique overweight” in the NYC area, where supply headwinds have faded faster than for the broader group and which could lead to continued rent outperformance, the analyst tells investors in a research note. CubeSmart’s leverage profile is also better than both its current credit ratings and its target, which provides significant capacity when acquisition volumes pick back up, the firm added.
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