Public Storage price target raised to $315 from $285 at Truist

Truist raised the firm’s price target on Public Storage to $315 from $285 and keeps a Buy rating on the shares. While the recent decline in longer term interest rates and the potential impact to housing recovery are potentially significant positive drivers for the storage industry in 2024, the recent stock price appreciations over the past month largely reflects this optimism, the analyst tells investors in a research note. The firm thinks 2024 earnings outlooks could come in weaker than expected, “in the face of stocks that have already significantly appreciated.” Truist cites Public Storage’s slightly better than peers’ rent growth trends and “very strong” balance sheet for the Buy rating.