BUZZ-Jefferies downgrades CubeSmart to 'hold'; shares down

** Shares of real estate investment trust (REIT) CubeSmart CUBE.N down 1.32% at $41

** Jefferies downgrades CUBE rating to "hold" from "buy"; cuts price target to $46 from $57, implying a 19% downside to stock's last close

** Brokerage says softening of existing customer rate increases (ECRIs) are likely to impact CUBE's earnings next year

** "We believe CUBE's predominantly urban portfolio may not benefit from the housing recovery to the same extent as its peers," brokerage says

** Stock down 10% in 2024

(Reporting by Anshuman Tripathy)

((Anshuman.Tripathy@thomsonreuters.com))