Public Storage price target lowered to $344 from $358 at RBC Capital

RBC Capital lowered the firm’s price target on Public Storage (PSA) to $344 from $358 and keeps a Sector Perform rating on the shares. The company’s Q3 FFO was below expectations, but its guidance was largely unchanged and the miss was mostly related to timing, the analyst tells investors in a research note. RBC further cites the management having noted that demand is stabilizing and some markets are seeing acceleration, even though it sees move-in rates and occupancy as “slightly behind” what the firm expected.