Australia's Storage King eyes best day in over five months on Citi's upgrade to 'Buy'

Storage King

07/09/2026 05:04

Updates
** Shares of Storage King Group SKG.AX rise 3.2% to A$1.145, on track for best day since March 25 if gains hold
** Citi upgrades rating on self-storage facilities firm to 'buy' 
** Data from real estate firm Cushman & Wakefield shows steady revenue per available metre growth over the six months ending June, driven by higher storage rents even though occupancy rates dipped during that period, the brokerage said
** Brokerage lowers PT to A$1.4 from A$1.6, pointing to higher beta factor and slower growth expectations heading into FY27 
** Three of five analysts rate the stock "buy" or higher, two rate it "hold" with median PT A$1.27 -- LSEG data
** SKG down 24.8% YTD, including moves in current session

 (Reporting by Anjali Singh and Jasmeen Ara Shaikh in Bengaluru; Editing by Paul Simao)
 ((anjali.singh2@thomsonreuters.com;))