UPDATE: Jefferies Upgrades Extra Space Storage on Healthy Fundamentals, Attractive Valuation

In a report published Thursday, Jefferies analyst Omotayo Okusanya upgraded the rating on

from Hold to Buy, and raised the price target from $46.00 to $49.00. In the report, Jefferies noted, “Robust SS NOI growth, a growing acquisition pipeline and our view that EXR will continue to take market share from smaller competitors drive our favorable outlook. Combined with a more attractive valuation, our revised PT of $49 represents a 24% total return; we are upgrading to Buy.” Extra Space Storage closed on Wednesday at $40.81.