Public Storage downgraded to Hold from Buy at Truist

Truist analyst Ki Bin Kim downgraded Public Storage to Hold from Buy with an unchanged price target of $306. The firm views the shares as fairly valued relative to the lower growth profile that the firm is now assuming given reduced same-store NOI growth expectations in 2024/2025 and FFO projections that are now more inline with consensus estimates, the analyst tells investors in a research note. While long-term positives still exist, Truist says it is hard to justify a Buy rating on the largest company in the self-storage sector over other storage companies given that 2025 SSNOI growth could very well be anemic as well, short of a significant housing recovery.