Cantor Fitzgerald Starts Public Storage (PSA) at Sell; Earthly Growth, But Heavenly Price

Cantor Fitzgerald initiates coverage on Public Storage (NYSE: PSA) with a Sell. PT $133.50.

Cantor analyst said, "Public Storage is the industry behemoth, with a ironclad balance sheet and ample liquidity. The stock trades with premiums to net asset value (NAV) given insulation from capital markets and defensive cash flows. Although well positioned for above-average growth longer-term, recent core performance has only slightly topped smaller peers. Given current pricing, we believe the stock to be fully valued. Our broad REIT call underwrites burn-off of the "safety & liquidity premium" across 2012; as such, PSA could underperform peers."

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 $139.25 yesterday.

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