Citi upgrades Australia's Storage King to 'Buy' but lowers target price

Storage King

06/09/2026 20:46

** Citi upgrades Australia's Storage King Group SKG.AX but lowers its target price to A$1.4, pointing to a higher beta factor and slower growth expected heading into FY27 
** 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
** Although website traffic growth has slowed for most companies in the sector, SKG's traffic rose 40.8% on a rolling three-month, year-over-year basis, above the peer group's average growth rate of 31.1%
** Three of five analysts rate the stock "buy" or higher, and two rate it a "hold"; their median price target is A$1.27, as per data compiled by LSEG
** Down 27% on a year-to-date basis, as of last close

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