UPDATE: Cantor Fitzgerald Upgrades Extra Space Storage on Multiple Positive Factors
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
|Jul 2015||Baird||Initiates Coverage on||Outperform|
|Jul 2015||Bank of America||Initiates Coverage on||Buy|
|Jun 2015||Bank of America||Initiates Coverage on||Buy|
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