BUZZ-Jefferies downgrades CubeSmart to 'hold'; shares down
ReutersJan 2, 2025 5:43 PM
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))
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