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."
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Shares of Extra Space Storage closed at $146.65 yesterday.