Public Storage (PSA) PT Raised to $345 at Goldman Sachs

Goldman Sachs analyst Caitlin Burrows raised the price target on Public Storage (NYSE: PSA) to $345.00 (from $335.00) while maintaining a Buy rating.

The analyst comments "Following 4Q23 PSA earnings, we discuss 2024 guidance, highlights from the earnings call, and update our estimates. Management provided details on move in rates and ECRI (inside we update prior work on this topic), seasonality and occupancy, 2024 same store revenue and expenses expectations, and supply and development. We believe same store revenue growth will stabilize in 2024 leading to multiple expansion, complemented by external growth (development), generating an average of 3.8% Core FFO growth over each of 2024 through 2026. We are 0.7% above 2024 FactSet consensus."

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