Extra Space Storage upgraded to Outperform from Market Perform at Raymond James

Raymond James analyst Jonathan Hughes upgraded Extra Space Storage to Outperform from Market Perform with a $170 price target. The analyst believes the recent stock underperformance has been driven by a "misunderstanding" of management’s revenue maximization strategy, and thinks its valuation is attractive, he tells investors in a research note. Hughes argues that the occupancy over rate strategy is the right one as this period of economic uncertainty continues.