Extra Storage rises on Jefferies upgrade

Extra Space Storage

18/09/2024 14:54

(Updates)
    ** Shares of self-storage real estate investment trust Extra
Storage Space  EXR.N  rise 1.8% to $181 in early trading
    ** Jefferies raises EXR rating to "buy" from "hold", PT to
$204 from $162, representing 14% upside to stock's last close
    ** Stronger brand after peer Life Storage's merger and
unified marketing strategy to help boost rental income and close
gap by 2026-end with what co can potentially achieve - Jefferies
    ** Brokerage expects EXR to report rise in same-store sales
rev of 2.8% in FY25 and 5.5% in FY26
    ** 7 of 19 brokerages rate the stock "buy" or higher, 9
"hold" and 3 "sell" or lower; median PT is $176 - LSEG
    ** As of last close, EXR up 11% YTD

 (Reporting by Anshuman Tripathy in Bengaluru)
 ((Anshuman.Tripathy@thomsonreuters.com;))