Morgan Stanley Upgrades National Storage Affiliates Trust (NSA) to Equalweight

Morgan Stanley analyst Ronald Kamdem upgraded National Storage Affiliates Trust (NYSE: NSA) from Underweight to Equalweight with a price target of $32.00 (from $30.00).

The analyst comments: "Secondary and tertiary market exposure leads to the lowest income and density portfolio. Occupancy trends have significantly lagged peers but may have be reflected in the 2-3x discount to peers. Our UW thesis have played out and now move to EW. We see -4.6% Core FFO growth in 25e/26e, which is the lowest of the peers group; our FFO estimates are largely in-line with the consensus. Our PT is based on a 14.3x 26e FFO (vs 13.1x prior) This compares to a 5-year average multiple of 17.5x, and the discount to peers has narrowed to -3.8x (from -5.4x prior), as we see early signs of KPI stabilization based on 3Q results."

For an analyst ratings summary and ratings history on National Storage Affiliates Trust click here. For more ratings news on National Storage Affiliates Trust click here.

Shares of National Storage Affiliates Trust closed at $29.62 yesterday.

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