Extra Space Storage price target lowered to $148 from $156 at UBS

UBS analyst Michael Goldsmith lowered the firm’s price target on Extra Space Storage (EXR) to $148 from $156 and keeps a Buy rating on the shares. 2026 is expected to mark a pivotal REIT turnaround, with forecast total returns of 9%-11% driven by improving macro conditions, attractive valuations, easing supply pressures, and a more stable political backdrop, the analyst tells investors in a research note. The outlook points to a bifurcated year with defensiveness in the first half of 2026 and stronger catalysts in the second half, favoring Healthcare, Shopping Centers, and Coastal Apartments, UBS says.