Barclays raised the firm’s price target on Public Storage to $374 from $327 and keeps an Overweight rating on the shares. The firm reduced occupancy and rent assumptions for the second half of 2024 following seasonal demand that was softer than its expectations. It projects continued but narrowing year-over-year declines in occupancy and rates for self storage real estate investment trusts.
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Read More on PSA:
- Public Storage price target lowered to $308 from $314 at Scotiabank
- Public Storage downgraded to Neutral from Buy at BofA
- Etsy downgraded, Carvana upgraded: Wall Street’s top analyst calls
- Public Storage downgraded to Hold from Buy at Truist
- Public Storage cuts FY24 core FFO view to $16.50-$16.85, consensus $16.88
