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Extra Space Storage downgraded to Hold from Buy at Truist
The Fly

Extra Space Storage downgraded to Hold from Buy at Truist

Truist analyst Ki Bin Kim downgraded Extra Space Storage to Hold from Buy with a price target of $160, down from $175. On an absolute basis, valuation has "certainly become more palatable," but on a relative basis he sees inline to peer upside/risk in the shares given how self-storage pricing power continues to deteriorate, Bin Kim tells investors. Pricing weakness is also coming at a time when management has to formulate 2023 guidance, which he expects could end up weaker than expected, the analyst added.

Published first on TheFly

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