Scotiabank lowered the firm’s price target on Extra Space Storage (EXR) to $167 from $169 and keeps an Underperform rating on the shares. Following a strong Q3 stock performance, the U.S. REIT market has retreated as fears of inflation pushed the 10-year Treasury bond yield higher, the analyst tells investors. The firm believes REITS look historically expensive compared to the real yield in the economy, and Scotiabank remains selective.
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