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BMO Capital Markets Corp. initiates coverage of CubeSmart at 'market perform'

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BMO Capital Markets Corp. initiates coverage of CubeSmart at 'market perform'

BMOCapital Markets Corp. analyst Jeremy Metz initiated coverage ofCubeSmart with arating of "market perform."

The analyst wrote in a research report: "We'reinitiating coverage of CubeSmart with a Market Perform rating and $27 targetprice. Similar to peers, CUBE faces growing supply pressures. However, we see adiscounted relative valuation to peers EXR/PSA and think the company's solid portfolio,management team, and platform will prove itself over time. While NYC supply(Cube's largest market at 13% of REV) is the culprit of the discount, we thinkthe market is better positioned to absorb new supply given its density vs. storagesupply (2sqft/capita vs. >7sqft in Texas, another high supply market)."