As previously reported, Wells Fargo downgraded Public Storage to Equal Weight from Overweight with a price target of $280, up from $270. The firm notes that Public Storage has challenging comps into 2024, with Street rate declines ahead of peers and large rent roll-downs. Further, Wells expects tailwinds from the LA market to slow in 2024. Nonetheless, the firm still believes the company can grow FFO/share 1%-2% due to its large non same-store pool, with possible upside from M&A given its strong balance sheet position.
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Read More on PSA:
- Public Storage price target lowered to $285 from $305 at Truist
- Public Storage price target raised to $271 from $268 at Evercore ISI
- Public Storage reports Q3 core FFO $4.33, consensus $4.21
- Public Storage options imply 3.0% move in share price post-earnings
- Public Storage price target lowered to $295 from $326 at BofA