Wachovia Upgrades Public Storage (PSA) to Outperform
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Wachovia upgrades Public Storage, Inc. (NYSE: PSA) from Underperform to Outperform, saying pull back provides attractive entry point for lower risk leader. Valuation range $73-77.
Wachovia analyst says, "We believe Public Storage's exceptional balance sheet provides a premium level of security at a time when credit is scarce and expensive, and later an opportunity to acquire opportunistically when single assets/portfolios eventually come to market at attractive pricing...We continue to believe self storage assets could be at risk of repricing more than other real estate assets given their rapid acceptance as 'institutional assets' at a time when preferred property types (e.g., apartments) proved too costly. In the near-term however we feel this NAV concern is of less importance to dedicated institutional REIT investors than PSA's credit quality."
Public Storage, formerly Public Storage, Inc., is a fully integrated, self-administered and self-managed real estate investment trust (REIT) whose principal business activities include the acquisition, development, ownership and operation of self-storage facilities, which offer storage spaces for lease.
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