B of A Downgrades U-Store-It Stock

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Stock for Cleveland-Ohio-based U-Store-It Trust declined this week after being downgraded from “buy” to “neutral” by Bank of America. Christy McElroy, the bank’s analyst, claims the company’s turnaround plans—which include management and other personnel changes as well as the implementation of new software—are unlikely to take affect until early 2007.
 
On Tuesday, U-Store-It shares fell 3.8 percent to $19.54 on the New York Stock Exchange. Its stocks have traded in a 52-week range of $15.90 to $22.39. They’re down 3.5 percent since the beginning of the year, but up about 27 percent since May 31.
 
McElroy reduced her 2006 funds from operations (FFO) estimate to 94 cents per share from $1.02, compared with the consensus estimate of 95 cents, according to a poll by Thomson Financial. She also lowered her 2007 FFO forecast to $1.24 per share from $1.30, compared with the Street's $1.17 consensus. FFO are a commonly used gauge of a real estate investment trust's operating performance.
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