Extra Space Storage Downgraded by Raymond James to Outperform (EXR)
Extra Space Storage (NYSE:EXR) was downgraded by equities research analysts at Raymond James from a “strong-buy” rating to an “outperform” rating in a research note issued to investors on Tuesday, TheFlyOnTheWall.com reports. They currently have a $56.00 price objective on the stock, up from their previous price objective of $48.00. Raymond James’ target price would indicate a potential upside of 16.25% from the stock’s previous close.
Extra Space Storage (NYSE:EXR) traded down 1.12% on Tuesday, hitting $47.63. The stock had a trading volume of 404,316 shares. Extra Space Storage has a 1-year low of $32.70 and a 1-year high of $48.70. The stock’s 50-day moving average is $45.44 and its 200-day moving average is $43.35. The company has a market cap of $5.298 billion and a P/E ratio of 37.23.
Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Friday, August 2nd. The company reported $0.50 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.49 by $0.01. The company had revenue of $126.20 million for the quarter, compared to the consensus estimate of $123.77 million. During the same quarter last year, the company posted $0.38 earnings per share. Extra Space Storage’s revenue was up 33.0% compared to the same quarter last year. Analysts expect that Extra Space Storage will post $2.00 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Jefferies Group raised their price target on shares of Extra Space Storage from $49.00 to $52.00 in a research note to investors on Wednesday, September 18th. They now have a “buy” rating on the stock. Separately, analysts at Goldman Sachs Group Inc. downgraded shares of Extra Space Storage from a “conviction-buy” rating to a “buy” rating in a research note to investors on Tuesday, September 17th. Finally, analysts at Macquarie initiated coverage on shares of Extra Space Storage in a research note to investors on Tuesday, September 10th. They set an “outperform” rating on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $43.02.
Extra Space Storage Inc is a self-administered and self-managed real estate investment trust (NYSE:EXR).
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