Analyst’s Keeping an Eye on Extra Space Storage, Inc. (NYSE:EXR)

Analysts are weighing in on how Extra Space Storage, Inc. (NYSE:EXR), might perform in the near term. Wall Street analysts have a much less favorable assessment of the stock, with a mean rating of 2.2. The stock is rated as buy by 5 analysts, with 5 outperform and 5 hold rating. The rating score is on a scale of 1 to 5 where 1 stands for strong buy and 5 stands for strong sell.

For the current quarter, the 15.00 analysts offering adjusted EPS forecast have a consensus estimate of $0.93 a share, which would compare with $0.75 in the same quarter last year. They have a high estimate of $0.95 and a low estimate of $0.90. Revenue for the period is expected to total nearly $213.24M from $161.02M the year-ago period.

For the full year, 15.00 Wall Street analysts forecast this company would deliver earnings of 3.74 per share, with a high estimate of $3.83 and a low estimate of $3.65. It had reported earnings per share of $3.13 in the corresponding quarter of the previous year. Revenue for the period is expected to total nearly $865.19M versus 676.14M in the preceding year.

The analysts project the company to maintain annual growth of around 8.03% percent over the next five years as compared to an average growth rate of 15.73% percent expected for its competitors in the same industry.

Among the 15 analysts Data provided by Thomson/First Call tracks, the 12-month average price target for EXR is $97.23 but some analysts are projecting the price to go as high as $110.00. If the optimistic analysts are correct, that represents a 23 percent upside potential from the recent closing price of $89.67. Some sell-side analysts, particularly the bearish ones, have called for $75.50 price targets on shares of Extra Space Storage, Inc. (NYSE:EXR).

In the last reported results, the company reported earnings of $0.75 per share, while analysts were calling for share earnings of $0.74. It was an earnings surprise of 1.40%percent. In the matter of earnings surprises, the term Cockroach Effect is often implied. Cockroach Effect is a market theory that suggests that when a company reveals bad news to the public, there may be many more related negative events that have yet to be revealed. In the case of earnings surprises, if a company is suggesting a negative earnings surprise it means there are more to come.

Extra Space Storage, Inc. operates as a real estate investment trust (REIT) in the United States. It engages in property management and development activities that include acquiring, managing, developing, and selling, as well as the rental of self-storage facilities. As of December 31, 2006, Extra Space Storage owned interests in 567 properties located in 32 states and Washington, D.C., as well as managed 74 properties owned by franchisees or third parties. As a REIT, the company would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was founded in 1977 and is based in Salt Lake City, Utah.