Public Storage price target lowered to $329 from $342 at RBC Capital

RBC Capital analyst Brad Heffern lowered the firm’s price target on Public Storage (PSA) to $329 from $342 and keeps a Sector Perform rating on the shares after its Q4 FFO miss. The company’s guide was also expected to be below consensus by investors given an L.A. fires impact that was not fully captured, but even when excluding that impact, the management’s guidance for 2025 was still below RBC’s prior expectations, while move-in rates have retrenched lower from down 5% YoY in Q4 to down 8% year-to-date, the analyst tells investors in a research note.