Extra Space Storage falls after BofA cuts to 'underperform'

Extra Space Storage

05/08/2024 17:31

** Self-storage real estate investment trust (REIT) Extra
Space Storage's shares  EXR.N  fall 2.3% to $161.13 
    ** BofA downgrades rating to "underperform" from "neutral",
citing weaker demand in pandemic-boosted markets
    ** Says EXR increased exposure to such markets through 
merger with peer Life Storage Inc in 2023
    ** Brokerage lowers EXR's PT to $155 from $172, representing
a 6% downside to the stock's last close
    ** Notes fading hope for demand improvement and lack of
pricing power for storage REITs; downgrades peer Public Storage
 PSA.N  to "neutral" from "buy" citing same reasons
    ** Six brokerages rate the stock "buy", nine "hold" and
three "sell" or lower; their median PT is $160 - LSEG data
    ** Including session moves, stock had risen 0.5% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))