National Storage Affiliates Trust (NSA) PT Raised to $62 at Stifel

Stifel analyst Stephen Manaker raised the price target on National Storage Affiliates Trust (NYSE: NSA) to $62.00 (from $56.00) while maintaining a Buy rating.

The analyst commented, "We maintain our Buy rating on NSA shares. The REIT completed an equity offering and released preliminary 2Q21 results (details below) that highlight just how strong the operating environment is for NSA, and we believe for all Self-Storage operators. While we have been aggressive in our earnings estimates for NSA, often above management's guidance, preliminary 2Q21 results show that we have been way too conservative. From our perspective, these results and the strong operating fundamentals they imply, should provide momentum through 2H21 and into 1H22 (at least). This strength is flowing through to our model, with FFO growth of 23.7% in 2021 and 12.5% next year - and we don't believe we are being that aggressive in our assumptions. Based on our new estimates, NSA trades at 25.6x/22.4x our '21/'22 estimates. We are increasing our target price to $62/share, based on a 26.1x multiple on our 2022 FFO estimate."

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