Morgan Stanley analyst Ronald Kamdem upgraded National Storage (NSA) to Equal Weight from Underweight with a price target of $32, up from $30. The firm says slowing job growth is a demand headwind to the self storage names which may lead to below peer growth. While the supply backdrop is improving, it remains elevated, the analyst tells investors in a research note. Storage real estate investment trusts have underperformed as earnings have been below expectations, adds Morgan Stanley. The firm says its Underweight thesis on National Storage has played out.
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