Morgan Stanley lowered the firm’s price target on Extra Space Storage (EXR) to $152 from $155 and keeps an Equal Weight rating on the shares. The firm says slowing job growth is a demand headwind to the self storage names which may lead to below peer growth. While the supply backdrop is improving, it remains elevated, the analyst tells investors in a research note. Storage real estate investment trusts have underperformed as earnings have been below expectations, adds Morgan Stanley.
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