BofA Securities Upgrades Extra Space Storage (EXR) to Neutral

BofA Securities analyst Jeff Spector upgraded Extra Space Storage (NYSE: EXR) from Underperform to Neutral with a price target of $156.00 (from $147.00).

The analyst comments "We are more positive on EXR and self-storage operating trends for this peak leasing season following our recent meeting with EXR and its peers at Nareit. Despite macro concerns over the consumer and a slow housing market which reduces velocity, fundamentals are better than expected. While demand remains steady, the biggest benefit is coming from less pressure from supply. Even without a demand uplift from housing mobility, we expect continued improvement in revenue growth into ‘27, supported by stable occupancy and move in rates in the low single digit range Y/Y. As peak leasing remains underway, key risks are the health of the US consumer, jobs & the ability to push rate on existing customers."

For an analyst ratings summary and ratings history on Extra Space Storage click here. For more ratings news on Extra Space Storage click here.

Shares of Extra Space Storage closed at $146.65 yesterday.

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