Imperial Adjusts Numbers on Public Storage (PSA) on FX; Still Focused on Preferred

April 3, 2013 10:17 AM EDT
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Price: $217.97 +1.23%

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    3 Buy, 17 Hold, 2 Sell

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    Up: 30 | Down: 30 | New: 23
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Public Storage (NYSE: PSA) is a little pressured Wednesday as Imperial Capital is adjusting certain estimates on the stock to reflect losses tied to foreign exchange translation.

The firm is reducing Q1 and FY13 FFO expectations by about 7 cents per share to $1.71 and $7.13, respectively. Changes are due to the EUR/USD slipping 2 percent since the last revision. Imperial notes that adjustments are exclusive of preferred share redemption changes.

Imperial commented, "We continue to regard storage as an attractive sub-sector within the REITs, but consider PSA’s common stock as being fair-to-fully valued. LTM, the stock is +10% vs. +15% for SNL U.S. REIT Equity, but has markedly outpaced the REIT sector over the last two years with a gain of +37% vs. +22%." They recommend that investors focus on Public Storage's preferred shares.

Public Storage is rated In-Line with a $150 price target at Imperial.

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 $152.92 yesterday.

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