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Fly News Breaks for April 13, 2018
EXR, LSI
Apr 13, 2018 | 09:38 EDT
SunTrust analyst Ki Bin Kim raised his price target on Life Storage (LSI) to $87 from $80 and also raised his price target on Extra Space Storage (EXR) to $88 from $85 while keeping his Hold rating on both stocks as part of a broader research note on self-storage REITs. Kim cites the "surprising" Life Storage push this month for higher rates and lower promotions as rents rose for the first time since March 2016, adding that the REIT now has a " good chance of meeting or exceeding its high end of its 2018 SSREV guidance". The analyst also points to similar dynamic for Extra Space Storage, whose decreased promotional activity and net pricing increase marked "continued divergence" from other storage REITS.