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

SmartStop Self Storage REIT

28/04/2025 12:10

** 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

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com;))