NSR rallied strongly after the inflation data yesterday, although it remains below its late 2023 high. We are fans of this business, believing it enjoys the long-term macro tailwind of higher-density living leading to an increased demand for storage. We like NSR with a relatively depressed valuation since Abacus floated Storage King, while a yield of almost 5% should support the stock moving forward.
- We are looking for NSR to initially test the $2.60 area over the coming months – we hold NSR in our Active Growth portfolio.
MM is bullish NSR around $2.30
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