As previously reported, Wells Fargo double upgraded Extra Space Storage to Overweight from Underweight with a price target of $155, up from $120. After recent management meetings/earnings, the firm is much more comfortable with LSI synergy realization by Q1, while the set-up for same-store revenues is the most favorable into 2024 given easing comps and outperformance in Q4. Wells now expects about 4%-5% FFO/share growth in 2024.
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