Extra Space Storage price target lowered to $150 from $158 at Truist

Truist analyst Ki Bin Kim lowered the firm’s price target on Extra Space Storage (EXR) to $150 from $158 and keeps a Hold rating on the shares after meeting with its management team. The broader LA rental dynamics are improved from a few months ago, and the firm is seeing slightly better demand activity, the analyst tells investors in a research note. Truist adds however that while Extra Space is one of the highest quality REITs, with an excellent track record and management team/platform, its hold rating reflects the stock’s relative fair valuation level.