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Fly News Breaks for September 16, 2019
PSA, EXR
Sep 16, 2019 | 07:35 EDT
As previously reported, Morgan Stanley analyst Ronald Kamdem downgraded Extra Space Storage (EXR) to Underweight from Equal Weight citing his "deep dive" portfolio analysis, which found that about a quarter of its top markets face heavy supply deliveries in the near-term. He expects tougher comps and supply headwinds to narrow the stock's historical valuation gap to Public Storage (PSA), which Kamdem upgraded to Equal Weight from Underweight this morning. However, Kamdem raised his price target on Extra Space shares to $105 from $93.
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