CubeSmart price target lowered to $50 from $53 at Raymond James

Raymond James analyst Jonathan Hughes lowered the firm’s price target on CubeSmart to $50 from $53 and keeps an Outperform rating on the shares. Over the past three months, self-storage REITs have underperformed the REIT average as investor concerns over the slowdown in fundamentals were validated by “disappointing” Q2 releases, the analyst tells investors. Looking ahead, the firm previously believed the trough in revenue growth was in the not-too-distant future, but “its clear” to Raymond James that their views were “too optimistic.”