Jefferies downgrades CubeSmart to 'hold'; shares down
02/01/2025 17:43
** 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))