** Jefferies cuts Public Storage PT to $321 from $331 and Extra Space Storages' by $7 to $151
** Net asking rents for PSA and EXR in Q1 declined more than 10% on a y/y basis
** Although interest rates move up could delay the recovery, Jefferies remains long in the sector
** PSA's lowered PT is still 18% higher than stock's last close, while EXR's PT represents a 7% upside to its Fri. close
** YTD, PSA down 11% whereas EXR lost 12%
(Reporting by Pratyush Thakur)
((Pratyush.THakur@thomsonreuters.com))
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