Jefferies Downgrades Extra Space Storage (EXR) to Hold

Jefferies downgraded Extra Space Storage (NYSE: EXR) from Buy to Hold with a price target of $53.00.

Analyst Omotayo Okusanya said, "We are raising our 2014 and 2015 adjusted FFO/sh estimates to $2.48 and $2.72, respectively, from $2.40 and $2.61, due to stronger than expected 1Q14 operating performance and $249.7M of announced acquisitions. That said, our 2015 estimate represents annual FFO growth of 10%, the lowest since 2010. Management raised 2014 adjusted FFO/sh guidance to $2.45 - $2.53 (midpoint of $2.49) from $2.38 - $2.47 (midpoint of $2.43). Consensus for 2014 is $2.45. Despite the increase to our estimates, we are maintaining our PT at $53, due to a reduction in the mid-term growth expectations."

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 $51.97 yesterday.

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