Public Storage price target raised to $375 from $320 at Wells Fargo

Wells Fargo raised the firm’s price target on Public Storage (PSA) to $375 from $320 and keeps an Overweight rating on the shares. The firm remains cautious on storage into Q3, as move-in rates remain under pressure and valuations appear elevated. With that said, Wells has a relative preference for Public Storage, as move-in rates haven’t been cut as aggressively past 3 months; most upside from external growth picking up; most support from generalist flows as housing market improves; 2024 guide that feels more secure vs. peers; and modest multiple discount vs. Extra Space Storage (EXR).