In a report published Friday, Cantor Fitzgerald analyst David Toti upgraded the rating on Extra Space Storage EXR from Sell to Hold, and raised the price target from $44.00 to $47.00.
In the report, Cantor Fitzgerald noted, “We upgrade shares of Extra Space Storage EXR to HOLD from SELL, as well as increase our price target to $47.00 from $44.00. The incrementally more positive view is based on 1) capitulation on a call that has not worked, 2) improving operating fundamentals into 2H:13, 3) continued best-in-class technology implementation, 4) above-average near-term NOI and FFO growth, and 5) a lowered IRR hurdle that has increased our core NAV/sh. estimate by $2.10. These variables should continue to drive modest share price performance in the near-term, despite pricing that is above historical averages. At the end of the note, we provide a summary of our recent broker call with Mr. Aaron Swerdlin of Newmark Grubb Knight Frank (a Cantor Fitzgerald affiliate). We will revisit valuations for CubeSmart, Public Storage and Sovran after the upcoming earnings calls.”
Extra Space Storage closed on Thursday at $44.00.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in