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).
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Read More on PSA:
- Public Storage names Chris Sambar COO
- Public Storage price target raised to $377 from $343 at Goldman Sachs
- Public Storage price target raised to $422 from $360 at Jefferies
- Public Storage price target raised to $343 from $334 at Evercore ISI
- Public Storage Reports Mixed Performance and Occupancy Rates