Jefferies cuts storage REITs' PT amid lower asking rents

Extra Space Storage

15/04/2024 13:04

** Jefferies cuts Public Storage  PSA.N  PT to $321 from
$331 and Extra Space Storages'  EXR.N  by $7 to $151 
    ** Net asking rents for PSA and EXR in Q1 declined more than
10% on a y/y basis
    ** Although interest rates move up could delay the recovery,
Jefferies remains long in the sector     
     ** PSA's lowered PT is still 18% higher than stock's last
close, while EXR's PT represents a 7% upside to its Fri. close 
    ** YTD, PSA down 11% whereas EXR lost 12%

 (Reporting by Pratyush Thakur)
 ((Pratyush.THakur@thomsonreuters.com))