Barclays Maintains an 'Overweight' on Public Storage (PSA); Raises PT on Continued Strength

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Barclays maintains an 'Overweight' on Public Storage (NYSE: PSA) price target of $167.00 (from $159.00).

Analyst, Ross L. Smotrich, said, "...We think the stock is attractive given the best near-term SSNOI growth in any sector outside of multi-family, one of the strongest balance sheets in the REIT industry (and a falling cost of financing due to high demand for PSA's preferred equity) and yet a roughly in line relative earnings multiple."

Smotrich lowers FY12 FFO from $6.29 to $6.23 ($6.55 ex-items). FY13 FFO raised from $6.71 to $6.85. (FY12/13 consensus is $6.24/$6.93)

For an analyst ratings summary and ratings history on Public Storage click here. For more ratings news on Public Storage click here.

Shares of Public Storage closed at $144.96 yesterday, with a 52 week range of $103.42-$152.68.

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