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Safestore downgraded by Numis

02 August 2016 14:05

Numis has moderated its recommendation on Safestore (LON:SAFE) and moved to an 'add' position from 'buy', cutting its target to 442 pence per share (from 499 pence).

However, the broker highlighted that its new target still implies 19 per cent upside to fair value.

Commenting on the wider self storage sector, Numis said: "The self storage sector has emerged into the mainstream; public awareness and understanding of the product is rising and in spite of economic uncertainty caused by the vote for Brexit, we continue to view the outlook as robust."

It added: "The outlook post-Brexit is less clear than previously, but operator confidence is high, balance sheets are strong and we expect 10-13% pa EPS growth."

At 2:05pm: (LON:SAFE) Safestore Holdings PLC share price was +1.75p at 370.45p

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