This storage stock can outpace peers, according to Jefferies.
Jefferies said Janus International is an undervalued small cap name that can outpace peers in the storage sector. The firm initiated coverage of the self storage stock with a buy rating and a $20 per share price target. Jefferies' forecast implies nearly 42% upside from Friday's $14.09 close. Janus International stock has risen nearly 8% in 2024. The company is a manufacturer of doors for both commercial and industrial self-storage units.
JBI YTD mountain Janus International shares year to date "Given JBI's SPAC origins, it's still under the radar, but now that its float is much improved with PE out of the stock, it should re-rate higher," Ng said. The analyst added that previous headwinds concerning slower construction tied to pandemic-era delays are now abating, which will help stoke new demand as interest rates come down. Ng also lauded the company's strong pricing power.
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