National Storage price target lowered to $29 from $33 at BofA

BofA analyst Jeffrey Spector lowered the firm’s price target on National Storage to $29 from $33 and keeps an Underperform rating on the shares. While stating that seasonality is a factor, the firm is no longer comfortable assuming demand is “simply normalizing” and is lowering its 2024 estimates for self storage REITS to reflect weaker demand, the analyst tells investors in a research note.