U-Store-It (YSI) Shares Spike as Wells Fargo Upgrades Midday
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U-Store-It Trust (NYSE: YSI) has spiked mid-day as Wells Fargo has issued an intraday upgrade on the stock. Prior to the upgrade, shares of U-Store-It were down more than 2%, but have now jumped almost into positive territory, currently down 0.6% to $6.53.
Wells Fargo moved its investment rating on the real estate-related stock from Underperform to Market Perform, also raising its valuation range from $2.75-$4.00 to $6-$7.
The firm believes that managements recent capital markets activity -- debt restrcuturing, equity issuance -- have materially derisked the company by reducing leverage and pushing debt maturities from 2010 to beyond 2012.
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