SmartStop Self Storage initiated with an Outperform at National Bank

National Bank initiated coverage of SmartStop Self Storage (SMA) with an Outperform rating and $39 price target The firm’s Outperform rating is largely based on the deep discount implied with IPO / current trading pricing, as the deal came at a steep concession to intrinsic value evidenced by a high implied cap rate relative to U.S. and Canadian peers, the analyst tells investors in a research note. The firm adds however that this is an execution story, noting that while the management has a track record of scaling portfolios, the macro environment is volatile.