CubeSmart price target lowered to $48 from $53 at RBC Capital

RBC Capital lowered the firm’s price target on CubeSmart (CUBE) to $48 from $53 and keeps an Outperform rating on the shares after its Q4 earnings miss and below-consensus guidance. The company’s underlying fundamentals don’t look particularly different than those of its peers, but its guidance is meaningfully weaker, with management clearly wanting to start the year in a conservative place given the false starts in years past, the analyst tells investors in a research note. It was nice to see a couple larger transactions get over the finish line, but they clearly aren’t contributing much in year one, even though commentary on the NYC area was positive, the firm adds.