Jefferies Maintains a 'Hold' on Extra Space Storage (EXR); Stong Growth..Waiting To Enter on Pullback

Jefferies maintains a 'Hold' on Extra Space Storage (NYSE: EXR) price target of $36.00 (from $30.00).

Analyst, Omotayo Okusanya, said, "The strong results from 2Q12, and the increased 2012 guidance range suggest that fundamentals at EXR are even stronger than we anticipated. That said, valuation is somewhat rich at 22x P/FFO and a 5.9% implied cap rate. We like the story but would wait for a more attractive entry point."

FY12 EPS estimate raised from $1.47 to $1.51 and FY13 from $1.65 to $1.74.

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 $33.66 yesterday.

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