KeyBanc Downgrades Public Storage (PSA) to Underweight; Growth Profile Lower Vs. Peers

KeyBanc downgraded Public Storage (NYSE: PSA) from Hold to Underweight with a price target of $115.00.

KeyBanc analyst says, "Our downgrade is primarily valuation-oriented and reflects our view that: 1) PSA’s FFO growth profile will be lower relative to its self storage REIT brethren; and 2) PSA shares are fully valued at current levels. Moreover, though only approximately 5% of PSA’s NOI is generated abroad in Europe, the Company remains susceptible to a slowdown overseas and a continued weakening in the EUR/USD cross, as well as headline risk."

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 $134.22 yesterday.

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