Extra Space Storage price target raised to $152 from $138 at Truist

Truist raised the firm’s price target on Extra Space Storage to $152 from $138 and keeps a Hold rating on the shares. While the recent decline in longer term interest rates and the potential impact to housing recovery are potentially significant positive drivers for the storage industry in 2024, the recent stock price appreciations over the past month largely reflects this optimism, the analyst tells investors in a research note. The firm thinks 2024 earnings outlooks could come in weaker than expected, “in the face of stocks that have already significantly appreciated.”