KeyBanc analyst Todd Thomas raised the firm’s price target on Life Storage (LSI) to $154 from $136 and keeps an Overweight rating on the shares. The firm is positive on Extra Space Storage (EXR) acquisition of Life Storage 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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Read More on LSI:
- Life Storage price target raised to $145 from $140 at Raymond James
- Extra Space Storage upgraded to Strong Buy from Outperform at Raymond James
- Truist does not think will be offer superior to Extra Space’s for Life Storage
- BMO ‘can’t rule out a topping bid’ for Life Storage after Extra Space agreement
- Extra Storage Down after Merger with Life Storage in Deal Worth $12.4 Billion
