Public Storage price target lowered to $365 from $375 at Wells Fargo

Wells Fargo analyst Eric Luebchow lowered the firm’s price target on Public Storage (PSA) to $365 from $375 and keeps an Overweight rating on the shares. The firm says that while there are challenges to return to same-store growth, Q3 showed some early signs of stabilization, with year-over-year comps in move-in rates, same-store revenues and FFO/share improving in Q4 relative to Q3. PSA is still likely to enter 2025 at modestly negative same-store growth, but Wells expects it can hit breakeven by Q2 and then grow modestly in the second half of 2025, with easier year-over-year comps coming earlier in the year vs. some of its peers.