Extra Space Storage (EXR) PT Lowered to $167 at RBC Capital

RBC Capital analyst Brad Heffern lowered the price target on Extra Space Storage (NYSE: EXR) to $167.00 (from $173.00) while maintaining a Sector Perform rating.

The analyst said: "We think EXR has been the best storage platform over time, with leading growth driven by a strong underlying portfolio, solid acquisition accretion and the largest thirdparty management (3PM) business in the space. However, we also see the company on a relatively even footing with peers in terms of ability to grow organically within the same-store pool, ability to compete for acquisitions and ability to land new 3PM contracts. We also see EXR's larger scale post the LSI merger as a hindrance. EXR's balance sheet has the highest leverage in the peer group (although still at attractive levels), and the valuation screens as fair."

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