09:19 AM EDT, 07/18/2024 (MT Newswires) -- National Bank said overnight Wednesday it was upgrading StorageVault to Outperform and reiterating its $5.75 target price.

The bank said on the back of recent marketing, it has grown "more appreciative of its embedded operating platform and continued Canadian growth prospects combined with a relative valuation that is looking attractive versus a hard to acquire asset type with a structure that supports compounded earnings growth".

National noted that while operations are normalizing, the company provides longer-term leverage to outsized domestic population growth with some defensive characteristics on the supply and demand side.