PSA - Life Storage stock dips after BMO downgrades to Market Perform on Lightspeed business

Life Storage (NYSE:LSI) stock is dipping more than 7% in Thursday premarket trading after BMO analyst Juan Sanabria downgraded to Market Perform from Outperform on the basis of potential risks surrounding its business exposure. Specifically, the analyst is concerned about Life Storage's (LSI) Lightspeed business due to less robust e-commerce sales, he wrote in a note. "In the event of a downturn, we believe LSI's business exposure (20-25% of NOI) could be weaker than traditional consumer demand," Sanabria explained. Meanwhile, the Quant Rating screens LSI as a Buy and Wall Street Analysts view it as a Strong Buy (8 Strong Buy, 2 Buy, 2 Hold). On the flip side, Sanabria has upped Public Storage (NYSE:PSA) to Outperform from Market Perform given its strong balance sheet structure. And its recent stock selloff may present an attractive entry point. YTD, PSA shares are off around 16% and -25% M/M. Amid macro uncertainties, "we see PSA's fortress balance sheet

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Life Storage stock dips after BMO downgrades to Market Perform on Lightspeed business