Barclays Reviews Q1 on Public Storage (PSA); Misses Expectations on Europe; Long-Term Fundamentals Strong
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Price: $322.74 -0.74%
Rating Summary:
9 Buy, 20 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
9 Buy, 20 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Barclays maintains an 'Overweight' on Public Storage (NYSE: PSA) price target of $142.00.
Analyst, Ross L. Smotrich, said, "FFO ($1.35 reported, $1.43 operating) fell $0.07 short of our estimate on an operating basis, due largely to weaker results from Shurgard Europe. Europe will likely remain soft for at least the remainder of 2012 but continues to produce positive cash flow that will be used for deleveraging."
Smotrich noted that the U.S. portfolio posted its second strongest year-over-year SSNOI growth since Q3 of 2006. He sees slight slowing, but Europe may turn the corner to pick up the slack. Add in one of the strongest balance sheets in the industry, attractive risk-adjusted growth profile and below average earnings multiple.
Barclays cuts FY12 FFO from $6.45 to $6.30 ($6.41 ex-items) and FY13 from $6.75 to $6.71
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 $136.96 yesterday.
Analyst, Ross L. Smotrich, said, "FFO ($1.35 reported, $1.43 operating) fell $0.07 short of our estimate on an operating basis, due largely to weaker results from Shurgard Europe. Europe will likely remain soft for at least the remainder of 2012 but continues to produce positive cash flow that will be used for deleveraging."
Smotrich noted that the U.S. portfolio posted its second strongest year-over-year SSNOI growth since Q3 of 2006. He sees slight slowing, but Europe may turn the corner to pick up the slack. Add in one of the strongest balance sheets in the industry, attractive risk-adjusted growth profile and below average earnings multiple.
Barclays cuts FY12 FFO from $6.45 to $6.30 ($6.41 ex-items) and FY13 from $6.75 to $6.71
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 $136.96 yesterday.
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