According to an article posted on Newratings.com, Sovran Self Storage continues to receive an outperform rating from analysts, and prospects for the company grow brighter. In June, analysts from A.G. Edwards & Sons upgraded the companys stock from hold to buy, setting a target price at $51 per share. The financial firm reiterated its rating in July, increasing the objective price to $54. This month, analyst Mike Salinsky of RBC Capital Markets gives Sovran an outperform rating and again raises estimates for Sovran. The target price has jumped to $55.
In his research notes, Salinsky said Sovrans acquisition volumes have more than doubled year-to-date, and the company is on point to complete additional purchases worth $30-$45 million by years end. These acquisitions, along with the projections associated with the recently acquired Cornerstone portfolio, are expected to further boost the companys growth.