July was an especially volatile month for U.S. markets, and I’m sure I don’t have to rehash all of the global political and economic factors. The volatility shook most traders, and they have pulled out of a number of stocks in a major way. Only the strongest have garnered fresh buying pressure thanks to their strong fundamental and technical strength.
One sector that has seen its stocks move higher in this market is Financials. That’s why today’s trade recommendation is one of the strongest performing financial stocks. Its share price has increased 10% over the past few weeks and is forecasted to move higher.
Extra Space Storage, Inc. (EXR) is a real estate investment trust (REIT) and the second-largest operator of self-storage facilities in the United States. It is based in Utah, but has regional offices in California, Connecticut, Florida, Maryland, Massachusetts, New Jersey, New York and Texas.
The company currently owns and/or operates more than 1,000 self-storage properties, which comprise about 750,000 units in 35 states, as well as Washington, D.C and Puerto Rico. It offers more than 80 million square feet of rentable space, where its customers can securely store anything from boats to RVs.
Extra Space Storage is one of my highest rated stocks due to its high Demand Fundamental rating of 78 out of 100 and very strong Demand Technical score of 99 out of 100. Average daily volume has been growing over recent months—which is a good sign of pricing momentum to the upside. The stock also has a moderate volatility rating, with an expected move of 5.1%, or $3.80. Meanwhile, both the Industry (REIT-Industrial) and Sector (Financials) are in a decent bull trend.
The company is ranked No. 2 out of 14 competitors from a relative fundamental comparison. So, I recommend entering EXR stock at $73.50 or better and setting your stop at $65.10, with a near-term target price of $84.92.
Mike Turner and his team of software engineers developed Turner Analytics, a sophisticated software market and trade-timing system that provides unbiased, quantifiable recommendations on thousands of equities and rates, ranks and scores these equities from best to worst in an easy-to-use on-line tool for individual investors. He is also the editor of Signal Investor.
