Last checked at (Sharecast News) - Analysts at Liberum upgraded their recommendation for shares of Big Yellow from 'hold' to 'buy', labelling the storage company's latest interims as "strong".
Demand for the group's services was "robust", they said, despite volatility on the domestic side of things and with its recent acquisition, Armadillo, trading ahead of underwrite.
Furthermore, while they saw signs that occupancy was "normalising", they believed that the company's "very strong" rate of growth in rates would compound future earnings.
All told, they raised their estimate for Big Yellow's fully diluted earnings per share in 2022 by approximately 11% to 52.0p.
"We think land scarcity and Big Yellow's quality London sites will drive enough capital value growth to warrant further expansion."
The analysts also hiked their target price for the group's shares from 1,550.0p to 1,720.0p.
1 Mar 2021 16:07
Director dealings: Big Yellow CEO lowers stake
(Sharecast News) - Big Yellow Group revealed on Monday that chief executive James Gibson had disposed of 100,000 ordinary shares in the FTSE 250-listed self-storage business.
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