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.