Jefferies Downgrades Extra Space Storage (EXR) to Hold

Jefferies downgraded Extra Space Storage (NYSE: EXR) from Buy to Hold with a price target of $31.

The firm comments, "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."

The firm lifts Q2 EPS from $0.37 to $0.38, FY12 remains at $1.47 and FY13 goes from $1.64 to $1.65.

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 $29.97 yesterday.

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