National Storage price target lowered to $32 from $34 at Wells Fargo

Wells Fargo lowered the firm’s price target on National Storage Affiliates Trust to $32 from $34 and keeps an Underweight rating on the shares. The analyst says that while the company’s 2023 outlook “should be secure,” Street consensus estimates need to come down for 2024. The firm expects National Storage to exit the year with same-store revenues down 1%-2% and net operating income down 3%-4%, “providing a big uphill climb to get back to positive growth in 2024.”