Scotiabank last night upgraded Extra Space Storage (EXR) to Sector Perform from Underperform with an unchanged price target of $167. The stock’s current relative valuation better reflects its “subdued” funds from operations growth outlook, the analyst tells investors in a research note. The firm says that with investor expectations on the stock having been reset lower after a “sluggish” 2024, it does not expect upcoming downside risk to Extra Space’s fiscal 2025 guidance. Meanwhile, this week’s operating update looked encouraging on occupancy, contends Scotiabank. The firm says the stock’s valuation is “now more compelling.”
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Read More on EXR:
- Extra Space Storage price target lowered to $157 from $159 at Deutsche Bank
- Extra Space Storage upgraded to Sector Perform from Underperform at Scotiabank
- Extra Space Storage price target lowered to $175 from $198 at Jefferies
- Extra Space Storage price target lowered to $167 from $173 at RBC Capital
- Extra Space Storage price target raised to $168 from $167 at Truist