Jefferies upgraded Extra Space Storage to Buy from Hold with a price target of $204, up from $162. The firm anticipates peer-leading sane-store revenue growth as the company closes the 9% gap between Life Storage and Extra Space rents. With the stock currently trading at a “rare discount to the normal premium that it usually trades” at versus peers, and Jefferies’ expectation that home sale volumes will recover with lower mortgage rates, this is a good entry point for long-term investors, the analyst tells investors in a research note.
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