Keefe, Bruyette & Woods Upgrades Public Storage (PSA) to Market Perform
PSA Hot Sheet
Rating Summary:5 Buy, 6 Hold, 4 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
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."
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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