The Globe and Mail reports in its Friday, Feb. 6, edition that National Bank analyst Matt Kornack and Giuliano Thornhill continue to rate Storagevault Canada "outperform," with an unchanged share target of $5.75. The Globe's David Leeder writes that analysts on average target the shares at $5.75. The analysts say in a note: "Storagevault had another solid quarter in Q3, meeting expectations after having come in ahead on the NOI line in Q2. A nascent recovery in Canada's housing transaction market combined with weaker prior year comps has been driving organic performance in line with historic targeted levels (prior year comps are a bit tougher in Q4 given a recent trend toward unseasonal leasing). Short lease durations mean that this segment is likely to be quicker to inflect and Storagevault benefits from a sizable geographic footprint in markets where housing values were less volatile and away from new supply pockets. Valuation also remains attractive relative to some surprisingly expensive trades for assets across Canada by deep-pocketed institutional investors looking to build storage platforms in a segment where portfolios continue to command premiums given scarcity as a result of highly fragmented ownership."
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