National Storage price target lowered to $35 from $38 at Wells Fargo

Wells Fargo analyst Eric Luebchow lowered the firm’s price target on National Storage (NSA) to $35 from $38 and keeps an Underweight rating on the shares. The firm leans slightly more constructive on storage into earnings, with likely select guidance raises even despite choppy move-in rate data in June/July. Fundamentals appear to have bottomed, even if near-term growth is likely to remain muted, Wells adds.