As previously reported, BofA downgraded Extra Space Storage to Underperform from Neutral with a price target of $155, down from $172, citing “fading hope” for improvement in demand for storage, possibly through 2025 peak leasing season, as well as weaker demand in pandemic-boosted markets like Florida. The firm additionally sees a lack of pricing power with new customers and a negative skew for the risk/reward at current levels, the analyst tells investors.
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