UPDATE: Jefferies Upgrades Extra Space Storage to Buy

According to Jefferies, Extra Space Storage

is upgraded to Buy. Jefferies said that it is upgrading EXR shares to Buy, from Hold. “Our $30 PT is derived via our DDM. Risks: 1) slowdown in U.S economy; 2) prolonged leaseup of development projects; 3) acquisitions prove more difficult to come by; 4) inability to refinance $205M of debt maturing in 2012 at attractive rates.” Extra Space Storage closed on Friday at $26.65.