Top broker puts sell rating on National Storage (ASX:NSR) shares

The National Storage REIT (ASX: NSR) share price could be overvalued according to one leading broker.

Who’s bearish on National Storage?

According to a note out of Goldman Sachs this week, its analysts have retained their sell rating but lifted the price target on the self-storage operator’s shares slightly to $1.57.

This follows the release of the company’s trading update and guidance for FY 2021 last week.

That update revealed that National Storage now has a total of 206 centres across Australia and New Zealand following the acquisition of 17 centres and the development of two more in FY 2021.

Management also advised that its combined Australian and New Zealand same centre occupancy has lifted to 85.7%, from 78.9% at the…