NEW YORK (TheStreet) -- Extra Storage Space's (EXR) - Get Report  price target was upped to $110 from $105 at Jefferies earlier today. The firm maintained its "buy" rating on the stock.

The Salt Lake City-based real estate investment trust is focused on the acquisition, development, ownership and operation of self-storage facilities.

The higher price target comes after Jefferies updated its model for the company's recent 32% dividend increase to 78 cents per share from 59 cents per share on a quarterly basis.

"We remain bullish on fundamentals in 2016 and 2017, and think that robust SSNOI (same store net operating income) growth in the high single-digits / low double digits warrants the premium valuation to the broader REIT sector," the firm wrote in a note to investors.

The company's facilities offer storage space for lease, usually on a month-to-month basis, primarily for personal and business use.

Shares of Extra Storage closed higher by 0.04% to $92.97 on Tuesday.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of A- on the stock.

The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, growth in earnings per share, increase in net income and expanding profit margins.

The team believes its strengths outweigh the fact that the company has had somewhat disappointing return on equity.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: EXR

Image placeholder title