Citi opened a “90-day positive catalyst watch” on shares of Extra Space Storage saying the company has closed the performance gap between its LSI and legacy-Extra Space portfolio sooner than expected. The firm believes LSI’s occupancy is now approaching the same level as comparable Extra Space stores, which allows Extra Space to raise its move-in rents to comparable levels. If the pricing is accepted by new customers, the change could result in strong embedded growth for over a year, the analyst tells investors in a research note. Citi has a Neutral rating on Extra Space Storage with a $160 price target.
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