Jefferies Upgrades Extra Space Storage (EXR) to Buy

Jefferies upgraded Extra Space Storage (NYSE: EXR) from Hold to Buy with a price target of $57, following the recent pullback.

Analyst Omotayo Okusanya said, "We are upgrading EXR to Buy from Hold given the recent 6% pullback in the shares, which we think is unwarranted and creates an attractive entry point. Our PT remains at $57. Further, our recent channel checks suggest that 3Q14 results may exceed current expectations. Storage fundamentals remain strong and given the short duration leases, we think the pullback on interest rate concerns is overdone."

For an analyst ratings summary and ratings history on Extra Space Storage click here. For more ratings news on Extra Space Storage click here.

Shares of Extra Space Storage closed at $51.20 yesterday.

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