Extra Space Storage price target lowered to $167 from $169 at Scotiabank

Scotiabank lowered the firm’s price target on Extra Space Storage (EXR) to $167 from $169 and keeps an Underperform rating on the shares. Following a strong Q3 stock performance, the U.S. REIT market has retreated as fears of inflation pushed the 10-year Treasury bond yield higher, the analyst tells investors. The firm believes REITS look historically expensive compared to the real yield in the economy, and Scotiabank remains selective.