Barclays initiated coverage of Public Storage (PSA) with an Overweight rating and $330 price target. The 18% average return on assets that Public Storage generated from 2018-2023 exceeded its next closest peer Extra Space Storage (EXR) by 700bps, and the firm expects the company’s core FFO growth to reaccelerate to ~7.5% y/y in 2025 and 2026, after limited gains in 2024, the analyst tells investors in a research note.
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Read More on PSA:
- 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
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