CubeSmart upgraded to Buy from Neutral at BofA

BofA upgraded CubeSmart (CUBE) to Buy from Neutral with a price target of $50, up from $44. The firm, which has a “favorable view” of CubeSmart’s urban market exposure, such as New York City, felt CubeSmart provided the most conservative FY25 guidance and notes that it was the only storage REIT to already raise FY25 guidance. CubeSmart has the second lowest leverage among its peers and the REIT’s strong and flexible balance sheet positions it well for external growth, the analyst added.