National Storage initiated with a Neutral at Mizuho

Mizuho analyst Ravi Vaidya initiated coverage of National Storage (NSA) with a Neutral rating and $35 price target as part of a broader research note launching coverage on self-storage REITs. The firm is constructive on the subsector on a longer-term basis given its high net operating income margin, low CapEx needs, and numerous demand drivers, though in the short-term, Mizuho sees storage industry fundamentals remaining challenged due to supply and demand headwinds, and current valuation that appears fair given limited visibility. For National Storage, Mizuho says its fundamentals have lagged peers historically, leverage remains high, and capital deployment timing remains uncertain.