Market Overview

UPDATE: Cantor Fitzgerald Upgrades Extra Space Storage on Multiple Positive Factors

Related EXR
10 Defensive Stock Ideas From Bank Of America
Self-Storage REITs Might Be The Way To Play, Says BofA
Public Storage: Why I'm Buying This High Profit Business (Seeking Alpha)

In a report published Friday, Cantor Fitzgerald analyst David Toti upgraded the rating on Extra Space Storage (NYSE: 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 (NYSE: 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.

Latest Ratings for EXR

Oct 2015CitigroupMaintainsNeutral
Sep 2015Evercore PartnersMaintainsHold
Aug 2015SunTrust Robinson HumphreyMaintainsBuy

View More Analyst Ratings for EXR
View the Latest Analyst Ratings

Posted-In: Cantor Fitzgerald David TotiAnalyst Color Upgrades Analyst Ratings


Related Articles (EXR)

View Comments and Join the Discussion!

Get Benzinga's Newsletters