Extra Space Storage (EXR, Financial) recently saw its rating boosted by Bank of America analyst Jeffrey Spector, who upgraded the stock to a Neutral position from its previous Underperform status. This change came with an increased price target set at $155, compared to the prior $141.
The upgrade reflects a more optimistic stance on the self-storage sector, which is deemed less susceptible to macroeconomic risks and hurdles facing other industries. According to the analysis, Extra Space Storage is expected to gain from its strategic single brand initiative, where facilities under the Life Storage Inc. (LSI) brand are being rebranded to Extra. This move is anticipated to streamline operations and potentially enhance brand recognition.
Moreover, ongoing cost-saving measures are projected to continue benefiting the company into 2025. These developments suggest a positive trajectory for Extra Space Storage, contributing to the upgraded outlook. Investors are advised to consider these factors when evaluating the stock's potential.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 17 analysts, the average target price for Extra Space Storage Inc (EXR, Financial) is $160.94 with a high estimate of $181.00 and a low estimate of $141.00. The average target implies an upside of 16.46% from the current price of $138.20. More detailed estimate data can be found on the Extra Space Storage Inc (EXR) Forecast page.
Based on the consensus recommendation from 20 brokerage firms, Extra Space Storage Inc's (EXR, Financial) average brokerage recommendation is currently 2.7, indicating "Hold" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Extra Space Storage Inc (EXR, Financial) in one year is $161.38, suggesting a upside of 16.77% from the current price of $138.2. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Extra Space Storage Inc (EXR) Summary page.
