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Investing.com - Desjardins upgraded StorageVault Canada (TSX:SVI) (OTC:SVAUF) from Hold to Buy on Thursday, while raising its price target to C$5.00 from C$4.25.
The Canadian self-storage company reported second-quarter results that were largely in line with expectations, with adjusted funds from operations per share (AFFOPS) exceeding Desjardins’ estimate by 4% and showing a 5% year-over-year increase.
StorageVault demonstrated a rebound in same-property net operating income (SP NOI) growth to 5.2%, driven by improvements in both rental rates and occupancy, which increased approximately 100 basis points year-over-year.
Desjardins cited several factors supporting its upgrade, including the inflection in same-property NOI and occupancy, expectations for home sales volumes to increase through the remainder of 2025 and into 2026, and a forecast of 13% average annual AFFO growth in 2026/27.
The new C$5.00 price target represents approximately 21% total potential return, according to Desjardins’ analysis.
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