Raymond James lowered the firm’s price target on Extra Space Storage to $165 from $185 and keeps a Strong Buy rating on the shares. Over the past three months, self-storage REITs have underperformed the REIT average as investor concerns over the slowdown in fundamentals were validated by “disappointing” Q2 releases, the analyst tells investors. Looking ahead, the firm previously believed the trough in revenue growth was in the not-too-distant future, but “its clear” to Raymond James that their views were “too optimistic.”
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