Jefferies upgrades Extra Storage on likely rental income boost after merger

Extra Space Storage

18/09/2024 12:51

** Jefferies upgrades self-storage real estate investment
trust Extra Storage Space  EXR.N  to "buy" from "hold" 
    ** Brokerage raises EXR price target 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
    ** 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 shares up 11% YTD

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