Raymond James analyst Jonathan Hughes upgraded SmartStop Self Storage (SMA) to Strong Buy from Outperform with a price target of $44, up from $42. The firm says its “increased conviction” follows the company’s recent strong execution updates, notably the $180M of recently closed or under contract acquisitions. The analyst views SmartStop’s “high-quality portfolio” and operating platform as comparable to legacy peers, with the added benefits of higher organic growth and margin upside, and greater external growth impact due to its smaller size. The company’s same-store revenue growth is expected to accelerate over 200 basis points versus last year, the analyst tells investors in a research note.
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