Extra Space Storage price target lowered to $160 from $165 at Wells Fargo

Wells Fargo lowered the firm’s price target on Extra Space Storage (EXR) to $160 from $165 and keeps an Equal Weight rating on the shares. The firm leans slightly more constructive on storage into earnings, with likely select guidance raises even despite choppy move-in rate data in June/July. Fundamentals appear to have bottomed, even if near-term growth is likely to remain muted, Wells adds.