Raymond James downgraded Extra Space Storage to Outperform from Strong Buy with an unchanged price target of $160. The analyst remains constructive on the shares but says the $100M Life Storage merger synergies, while still achievable, will take longer to fully realize as the overall self storage market has softened. Extra Space is now a heavy overweight name among the group,” which does present some risks if fundamentals disappoint,” the analyst tells investors in a research note.
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