PSA - National Storage Affiliates downgraded to Market Perform at BMO Capital

DNY59/iStock Unreleased via Getty Images BMO Capital analyst Juan Sanabria downgrades National Storage Affiliates Trust (([[NSA]] -1.2%)) to Market Perform from Outperform as YTD, NSA has outperformed its peers and overall REITs. Its fundamentals are strong, however, Sanabria expects same-store revenue growth deceleration in the second half of 2021 amid increasing supply. "We see NSA well positioned long-term, but valuation is full, Sanabria says. Maintains $53 price target. The Market Perform rating is inline with the Neutral Quant rating and diverges from the Bullish Wall St. analyst rating (6 Very Bullish, 1 Bullish, 4 Neutral) According to the chart below, on a Y/Y basis the total return for NSA (+90%) outperforms Public Storage (PSA) (+63%), CubeSmart (CUBE) (+80%), Extra Space Storage (EXR) (+85%), and the S&P 500 (+40%). Previously (Jan. 8), National Storage gets upgraded at BMO Capital.  SA Contributor Daniel Jones makes his Bullish case for National Storage Affiliates.

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National Storage Affiliates downgraded to Market Perform at BMO Capital