Extra Space Storage price target lowered to $148 from $150 at Wells Fargo

Wells Fargo lowered the firm’s price target on Extra Space Storage (EXR) to $148 from $150 and keeps an Overweight rating on the shares. The firm is incrementally cautious on the storage REITs into Q1 given year-to-date outperformance and guidance that came in above its expectations. Into the print, Wells is focused on the impact of higher inflation/rates, but doesn’t expect potential guide cuts until the second half of 2026.