Keefe, Bruyette & Woods Upgrades Public Storage (PSA) to Market Perform
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Keefe, Bruyette & Woods upgrades Public Storage (NYSE: PSA) from Underperform to Market Perform. price target $75.
Keefe analyst says, "Our price target increases to $75 from $57, or 16x 2010E FFO, a 10% premium to the REIT average, and below the longer-term 15% premium. We expect storage trends to remain challenging, but given PSA's pristine balance sheet, industry leading position, and likelihood of accretive acquisitions, we no longer expect shares to underperform the group."
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