Public Storage initiated with a Neutral at Mizuho

Mizuho analyst Ravi Vaidya initiated coverage of Public Storage (PSA) with a Neutral rating and $287 price target as part of a broader research note launching coverage on self-storage REITs. The firm is constructive on the subsector on a longer-term basis given its high net operating income margin, low CapEx needs, and numerous demand drivers, though in the short-term, Mizuho sees storage industry fundamentals remaining challenged due to supply and demand headwinds, and current valuation that appears fair given limited visibility. For Public Storage, Mizuho says its weak pricing power, lack of substantial fee revenue, and heavy exposure to California may weigh on growth in the near-term, though the firm looks ahead to the second half of this year and 2026 when growth could rebound as fundamentals inflect.