Wall Street bullish on SmartStop Self Storage REIT after $932 million IPO

Wall Street starts coverage of SmartStop Self Storage REIT SMA.N on a bullish note as IPO research quiet period ends

Ladera Ranch, California-based SMA went public earlier this month after $932 million IPO - one of the biggest New York flotations this year

KeyBanc Capital Markets and J.P. Morgan start coverage with "overweight" rating

JPM says its constructive outlook is due to discounted valuation and near-term relative growth prospects

KeyBanc says IPO had a significant balance sheet impact, creating capacity for future growth

Scotiabank starts coverage at "sector outperform" while Raymond James initiates with an "outperform" rating

Raymond James says self storage REITs are currently under-owned among REIT-dedicated investors

J.P. Morgan, Wells Fargo, KeyBanc Capital Markets, BMO and Truist Securities led a 13-firm underwriting syndicate for the IPO

As of last close, SMA stock up 11.5% since NYSE debut on April 2