Kepler Cheuvreux cuts Shurgard on 'limited catalysts' ahead

Shurgard Self Storage

10/02/2026 09:55

** Kepler Cheuvreux cuts self-storage operator Shurgard Self Storage SHUR.BR to "hold" from "buy", citing a lack of near-term catalysts and lower earnings forecasts

** "We upgraded the stock for the wrong reasons back in September," Kepler says, adding the earnings acceleration is now expected to be more back-end loaded than it first anticipated

** The broker notes that continuous project additions and slower ramp-ups for new stores are weighing on earnings growth, while the company's dividend yield remains below that of its peers

** "The self-storage market seems to have lost its appeal in the current market," Kepler says

** The brokerage cuts PT by 11% to 33 euros, noting that while the valuation is near historic lows, the stock remains expensive in a property context

** Shares in Shurgard slip close to 3%

** Out of 18 analysts covering Shurgard Self Storage, 11 rate it "strong buy"/"buy", ​six "hold" and one "sell" - LSEG data

(Reporting by Lucie Barbier)

((Email: lucie.barbier@thomsonreuters.com))