Two downgrades in public storage space

|By:, SA News Editor

Public Storage (PSA -1.1%) and Extra Storage Space (EXR -0.7%) are lower after each lost their Buy ratings at Jefferies.

Analyst Omotayo Okusanya boosted full year 2014 and 2015 FFO per share estimates for EXR to $2.48 and $2.72, respectively, but still, the 2015 expectation represents just 10% annualized growth, the lowest since 2010. The price target remains at $53.

The 2014 and 2015 core FFO per share estimates for PSA are lowered to $8.04 and $8.56, respectively, with the 2015 number representing just 7% growth, also the lowest since 2010. The PSA price target is cut to $175 from $185.