As previously reported, Wells Fargo downgraded Extra Space Storage (EXR) to Equal Weight from Overweight with a $175 price target The firm sees some modest downside risk to numbers through 2025 and a competitive move-in rate environment that has created increasingly difficult comps entering 2025. Wells’ change in view is based on move-in rate trends that have continued to trend downward and decline year-over-year at a faster pace than its peers; downside risk to acquired LSI same-store revenues, as potential further revenue “synergies” appear to be further pushed out; and an unfavorable growth-adjusted multiple looking into 2025.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on EXR:
- Extra Space Storage downgraded to Equal Weight from Overweight at Wells Fargo
- Extra Space Storage CEO sells $1.34M in common stock
- Nvidia, ARM initiated: Wall Street’s top analyst calls
- Extra Space Storage upgraded to Buy from Hold at Jefferies
- Extra Space Storage price target raised to $170 from $167 at Evercore ISI
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue