CubeSmart price target lowered to $53 from $56 at RBC Capital

RBC Capital analyst Brad Heffern lowered the firm’s price target on CubeSmart (CUBE) to $53 from $56 but keeps an Outperform rating on the shares. The company’s Q3 results saw slightly weaker revenue growth than the firm had been estimating, but this was made up on the other income side and seasonality appears to be progressing in line with expectations, the analyst tells investors in a research note. The acquisition market is starting to pick up, with two assets under contract and management seeing a range of opportunities at narrowed bid-ask spreads, RBC added.