Wells Fargo analyst Eric Luebchow initiated coverage of Public Storage with an Overweight rating and $270 price target. The company has industry-leading scale, a conservative balance sheet, and expected growth outperformance versus industry averages through 2025, the analyst tells investors in a research note. The firm believes Public Storage’s “sizable” LA market exposure should provide tailwinds near term, while its large pool of non-same-store lease-up assets provides an “incremental growth lever.”
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