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UBS downgraded CubeSmart (NYSE:CUBE) stock to Neutral from Buy on the view that “its current valuation more appropriately prices in the outlook for self storage fundamentals.”
Since July 1, CubeSmart (CUBE) shares have climbed 21%, outpacing REITs by more than 590 basis points and storage REITs by more than 100 bps, UBS wrote in a note to clients.
“As such, UBS sees limited further valuation upside,” the note said.
Seeking Alpha’s Quant system gives (CUBE) a Valuation Grade of “C,” with some of the poorest marks in price-to-sales and price-to-book.
UBS’s Neutral rate differs from the SA Quant rating of Buy and aligns with the average Wall Street analyst rating of Hold.
(CUBE) edged down 0.2% in late morning trading.
