The Globe and Mail reports in its Tuesday, July 18, edition that Raymond James analyst Brad Sturges has lowered his recommendation for Storagevault Canada to "market perform" from "outperform." The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Sturges says his rating's tweak was prompted by Storagevault Canada's relative premium valuation. Mr. Sturges continues to target the shares at $6.75. The Raymond James stockpicker says in a note: "Storagevault is trading at about 32 times 2023E adjusted funds from operations, versus about 19 times for its U.S. storage peers, and about 18 times for TSX-listed residential and industrial REITs/REOCs. Further, Storagevault is trading in line with its $6/share net asset value estimate, while U.S. storage and TSX-listed residential and industrial stocks are trading at about 14- and 24-per-cent average net asset value estimate discounts. ... It is important to note that we still forecast Storagevault to deliver mid-to-high single-digit 2023E net operating income growth YOY." The Globe reported on June 25, 2022, and Nov. 1, 2022, that RBC Capital analyst Jimmy Shan rated Storagevault Canada "outperform." It was then $5.75 and $6.43.