Raymond James analyst Jonathan Hughes double upgraded Public Storage to Strong Buy from Market Perform with a $330 price target. The analyst believes the company’s recent revenue growth outperformance can be sustained versus peers due to more rent upside after less-aggressive rate increases over the past several years. The firm also expects Public Storage’s revenue growth to inflect positively by mid-year, likely sooner than peers.
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Read More on PSA:
- Public Storage initiated with an Overweight at Barclays
- Public Storage price target raised to $270 from $267 at Scotiabank
- Public Storage’s New Debt & Financing Risk – A Cause for Worry?
- Public Storage sees FY24 core FFO $16.60-$17.20, consensus $17.05
- Public Storage reports Q4 core FFO $4.20, consensus $4.15