Jefferies Reaffirms Their Hold Rating on Extra Space Storage

By Ryan Adsit

In a report released today, Omotayo Okusanya from Jefferies reiterated a Hold rating on Extra Space Storage (NYSE: EXR), with a price target of $80. The company’s shares opened today at $74.85.

According to TipRanks.com, Okusanya is a 4-star analyst with an average return of 5.4% and a 57.4% success rate. Okusanya covers the Financial sector, focusing on stocks such as Government Properties Income Trust, National Storage Affiliates Trust, and Retail Properties of America Inc.

Currently, the analyst consensus on Extra Space Storage is Hold and the average price target is $82.40, representing a 10.1% upside.

In a report issued on June 7, RBC Capital also reiterated a Hold rating on the stock with a $80 price target.

Based on Extra Space Storage’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $260 million and quarterly net profit of $82.09 million. In comparison, last year the company earned revenue of $225 million and had a net profit of $82.43 million.

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Extra Space Storage, Inc. is a real estate investment trust. It operates through the following segments: Rental Operations; Tenant Reinsurance; and Property Management, Acquisition, and Development. The Rental Operations segment includes lease operations of stores. The Tenant Reinsurance segment consists of reinsurance of risks relating to the loss of good stored by tenants in the firm’s stores. The Property Management, Acquisition, and Development segment manages, owns, develops, and sells stores. The company was founded by Kenneth Musser Woolley on April 30, 2004 and is headquartered in Salt Lake City, UT.