SocGen upgrades Shurgard after 'solid set of results'

Shurgard Self Storage

03/03/2022 08:56

March 3 2022 -    ** Societe Generale upgrades Shurgard
Self-Storage  SHUR.BR  to "buy" from "hold", citing the sector's
resilience, the company's ongoing shift towards price-driven
growth and its expansion opportunities across a "fragmented"
European market
    ** SocGen's upgrade follows last week's "solid" set of FY
results from the Luxembourg-based self-storage provider
    ** The group increased its revenue growth guidance for the
year and refined its future tax expectations, which the broker
sees as "a positive for future earnings"
    ** SocGen cites Shurgard's results as well as occupancy
rates ahead of pre-pandemic levels as reflective of the storage
sector's resilience
    ** "Recent share price weakness (-12% since the Nov. 2021
peak) offers an attractive entry point", the broker adds
    ** Digitalization, further acquisitions and an "ongoing
shift towards price-driven growth" are also cited as reasons for
the upgrade
    ** Of the 11 analysts covering the stock, four rate it a
"buy", six "neutral" and one "underperform"

 (Reporting by Augustin Turpin; Editing by David Evans)