Public Storage upgraded to Hold from Sell at Deutsche Bank

Deutsche Bank analyst Omotayo Okusanya upgraded Public Storage (PSA) to Hold from Sell with a price target of $299, up from $298. The firm says that after a year of bearishness on the self-storage sector, it is shifting to a neutral outlook. The change reflects the November Yardi data indicating that year-over-year declines in street rate growth have decelerated over the past few months, and self-storage real estate investment trusts reporting an uptick in investment activity, which should help drive external growth, the analyst tells investors in a research note. As such, Deutsche Bank upgraded three stocks to Hold.