Analyst Ki Bin Kim from Truist Financial maintained a Hold rating on National Storage Affiliates and keeping the price target at $37.00.
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Ki Bin Kim has given his Hold rating due to a combination of factors impacting National Storage Affiliates’ performance. The company significantly reduced its 2025 funds from operations per share guidance, missing both the street’s and the analyst’s estimates. Additionally, quarterly operations showed minimal improvement, with a year-over-year decrease in same-store revenue and a decline in same-store net operating income, indicating increased marketing expenses with less return.
Moreover, the average occupancy rates worsened, and the full-year same-store net operating income guidance was lowered. Although the company might face easier comparisons in the fourth quarter, the current guidance does not suggest a significant turnaround. Given these challenges and the expectation of underperformance, the Hold rating reflects a cautious stance while favoring other self-storage stocks with better value and growth potential.
In another report released yesterday, BMO Capital also maintained a Hold rating on the stock with a $36.00 price target.