Analyst Note| Yousuf Hafuda |
We are raising our fair value estimate for no-moat-rated Extra Space Storage to $95 per share from $83. The increase in our fair value estimate comes as we incorporate recent strong performance and alter our near-term forecasts. Extra Space and its self-storage peers started the pandemic facing some challenges and heightened uncertainty. This jittery performance was enough to make some question the subsector's vaunted status of resilience.