Public Storage (PSA) PT Raised to $288 at BofA Securities After Accretive Acquisition
- Nasdaq, S&P 500 slip as COVID-19 vaccine makers fall
- PayPal (PYPL) Gains After Topping Q1 and Guidance Expectations, Crypto Seen as a Key Growth Driver Going Forward
- Fed's Kaplan wants taper talk 'sooner rather than later'
- Tesla (TSLA) demand is through the roof, already sold out this quarter - Electrek
- U.S. weekly jobless claims drop to fresh 13-month low
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
BofA Securities analyst Jeffrey Spector raised the price target on Public Storage (NYSE: PSA) to $288.00 (from $268.00) after the company announced the acquisition of ezStorage for $1.8B. The transaction is a 3.6% nominal cap rate on 4Q20 annualized NOI, with an expected 4.0-4.4% yield by year two. The portfolio includes 48 properties (4.2M SF of rentable space) located in D.C., VA and MD.
The analyst stated "We are encouraged to see PSA pursue external growth opportunities and believe the portfolio complements PSA’s existing Mid-Atlantic exposure. Based on BAC aggregated credit and debit card data, storage spending in the D.C. area has remained strong and trending higher as of March (see report for disclaimers, limitations and methodology regarding BAC card data). Furthermore, PSA highlighted high barriers to entry in ezStorage’s submarkets due to difficulty securing entitlements and construction moratoriums."
while maintaining a Buy rating.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Fate Therapeutics (FATE) PT Lowered to $116 at Stifel on ProTmune Discontinuation
- Republic Services (RSG) PT Raised to $127 as Jefferies Expects a Catch Up Trade Opportunity
- Everi Holdings (EVRI) PT Raised to $23 at Stifel on Substantial Beat/Raise
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Related EntitiesDefinitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!