CubeSmart upgraded to Buy from Hold at Jefferies

Jefferies upgraded CubeSmart to Buy from Hold with a price target of $53, up from $38. The firm raised its sell storage real estate investment trust sector view to Positive going into 2024 as it expects moderating mortgage rates will drive improving home sales. We are nearing the bottom in asking rents in this cycle, the analyst tells investors in a research note. Jefferies sees an an opportunity for CubeSmart to outperform in the first half of 2024.