Morgan Stanley analyst Ronald Kamdem raised the firm’s price target on Public Storage to $303 from $250 and keeps an Equal Weight rating on the shares. While 23% rally since October was driven by higher levered REITs, Morgan Stanley sees another leg higher with rate-sensitive sectors leading, the analyst tells investors in a research note. The firm views the office REIT rally as on its last leg, and sees potential benefits to storage REITs if home sales rise.
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