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Jefferies cuts its rating on Extra Space Storage
EXR from Buy to Hold as valuation has caught up to the company's growth story. Price target remains the same at $31.
Jefferies notes, "While we continue to believe in the 5-lever growth engine that should drive double-digit dividend and earnings growth at EXR over the next 1-2 years, we believe current valuation of EXR shares reflects this attractive growth profile. As such, we are downgrading our rating on EXR shares to Hold, from Buy."
EXR closed at $29.97 on Wednesday.
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