Wolfe upgrades CubeSmart to Outperform on potential for growth acceleration

As previously reported, Wolfe Research upgraded CubeSmart (CUBE) to Outperform from Peer Perform with a $48 price target as coverage of the stock was assumed. The analyst thinks a lower supply environment, combined with a moving velocity that is near trough, creates the potential for growth acceleration. Self-storage has faced a “double whammy” of higher supply combined with a less mobile population and the the former condition is gradually improving, though not completely gone, while the latter may not, but “arguably cannot get much worse,” the analyst tells investors.