KeyBanc lowered the firm’s price target on Extra Space Storage (EXR) to $172 from $190 and keeps an Overweight rating on the shares. The firm is positive on the company’s acquisition of Life Storage (LSI) and expects meaningful value creation opportunities for Extra Space Storage in the near and long term, along with what it expects to be an improved growth profile in the years ahead. While not surprised by Extra Space Storage’s decision to acquire Life Storage, the ascribed value for the latter was more than KeyBanc expected, resulting in a more favorable outcome for Life Storage’s shareholders.
Published first on TheFly
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