B.Riley FBR Believes Cubesmart (NYSE: CUBE) Still Has Room to Grow

By Austin Angelo

In a report released yesterday, David Corak from B.Riley FBR assigned a Buy rating to Cubesmart (NYSE: CUBE), with a price target of $32. The company’s shares closed yesterday at $29.21, close to its 52-week high of $29.67.

Corak wrote:

“We met with CubeSmart’s (Buy; $32.00 PT) management on Tuesday, November 14th, at 11:00 am Central at the 2017 NAREIT Investor Conference. Below are the takeaways from the meeting. Street rates. On the company’s 3Q earnings call on 10/26/17, management noted Street rates at +1.7% YoY as a snapshot that day. The team noted consistent numbers at our meeting today. Furthermore, TTM scheduled rates are +10bps while trailing six quarter rates are +175bps.”

According to TipRanks.com, Corak is a 3-star analyst with an average return of 2.4% and a 56.4% success rate. Corak covers the Financial sector, focusing on stocks such as National Storage Affiliates Trust, Preferred Apartment Communities, and NorthStar Realty Europe Corp.

Cubesmart has an analyst consensus of Moderate Buy, with a price target consensus of $28.33.

Based on Cubesmart’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $144 million and quarterly net profit of $37.3 million. In comparison, last year the company earned revenue of $131 million and had a net profit of $24.88 million.

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CubeSmart operates as a self-managed and self-administered real estate investment trust with its operations conducted solely through CubeSmart LP and its subsidiaries. It owns, operates, develops, manages, and acquires self-storage properties. The company was founded in July 2004 and is headquartered in Malvern, PA.