Extra Space Storage (EXR) PT Raised to $230 at Stifel

Stifel analyst Stephen Manaker raised the price target on Extra Space Storage (NYSE: EXR) to $230.00 (from $216.00) while maintaining a Buy rating.

The analyst commented, "We are keeping our FFO estimates the same and continue to believe the favorable operating environment and strong earnings growth will lead to continued multiple expansion. Despite the stock being up 75% YTD (vs VNQ up 27.1% YTD), we still believe there is room to run. FFO estimates for 2021 have been revised 33.4% higher since the beginning of the year, and our estimates imply another 11.6% FFO growth in 2022. This strong earnings growth has kept EXR's valuations at attractive levels despite the increase in stock price. Our $230 target price assumes EXR trades at a 18.5% premium to the REIT Universe (vs 13.1% historical average) despite being in the best self-storage operating environment in the last 40 years."

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