Rates Self Storage Titan a “Conviction Buy”
According to an October 22, 2012 post at StreetInsider.com, Wall Street investment firm Goldman Sachs has initiated coverage by adding self storage company Extra Space Storage to its Conviction Buy List.
The firms Conviction Buy List is a roster of stocks the investment bank’s research team expects to outperform. The investment firm’s recommendations focus on either the size of the potential return or the likelihood of the realization of the return, according to Goldman Sachs.
Shares of Extra Space Storage (EXR) closed at $33.44 on October 21st, with a 52 week range of $19.70-$35.17. Goldman Sachs puts the initial target for Extra Space stock at $40, which would represent a 21% potential upside.
Innovation Pays Dividends
Extra Space Storage is the second largest self storage company in the United States, with over 900 facilities under management.
Extra Space has a reputation as in innovator in the self storage industry. In 2011, after a feasibility study, the company began an ambitious program to install solar panels at all of its New Jersey locations. This move not only provides sustainable Green energy, it will provide ROI and acts as an incentive to acquire environmentally conscious customers. Extra Space’s goal is to have over 100 solar installations completed by the close of 2012.