Cantor Fitzgerald Upgrades Public Storage (PSA) to Buy, Underperformance Provides Rare Opportunity

December 4, 2012 6:51 AM EST
Get Alerts PSA Hot Sheet
Price: $217.97 +1.23%

Rating Summary:
    3 Buy, 17 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Cantor Fitzgerald upgraded Public Storage (NYSE: PSA) from Hold to Buy with a price target of $160.00 (from $143.50).

The firm comments, "Relative YTD underperformance has provided a rare opportunity to accumulate shares of PSA at a modest premium to NAV. The Co's. high occupancy level should facilitate ever-stronger pricing power that should lead to above-average core NOI growth."

The firm adjusted 2012/2013 FFO/sh. ests. to $6.21 and $7.15, respectively, from $6.17 and $6.90. They adjusted 2012/2013 AFFO/sh. ests. to $6.26 and $6.74, respectively.

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 $142.52 yesterday.

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