In a report released yesterday, Ki Bin Kim from Truist Financial maintained a Buy rating on Public Storage (PSA – Research Report), with a price target of $315.00.
Ki Bin Kim’s Buy rating for Public Storage (ticker: PSA) is rooted in a comprehensive analysis of the company’s financial forecasts and market position. The analyst acknowledges a minor shortfall in funds from operations per share (FFO/sh) guidance, which was just 0.5% below expectations. Despite this, the guidance for same-store revenue (SSREV) and same-store net operating income (SSNOI) were notably stronger than anticipated. These metrics are critical in the self-storage real estate investment trust (REIT) sector and signal a robust operational standing for Public Storage.
The report emphasizes that the strength in same-store guidance is expected to overshadow the slight miss in FFO/sh. Public Storage’s performance in SSREV and SSNOI is not just better relative to Truist Securities’ own predictions but also suggests that the company will maintain a competitive edge over its peers. The analyst points out that Public Storage’s pricing and survey data indicate a potential leadership position in the market, a factor that contributes to the positive outlook and supports the Buy rating for PSA.
Bin Kim covers the Real Estate sector, focusing on stocks such as Prologis, Agree Realty, and Eastgroup Properties. According to TipRanks, Bin Kim has an average return of 9.6% and a 62.50% success rate on recommended stocks.
In another report released on February 16, Jefferies also maintained a Buy rating on the stock with a $315.00 price target.
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Public Storage (PSA) Company Description:
Public Storage engages in self-storage services in the United States. The company acquires, develops, owns and operates self-storage facilities, which it provides on a monthly rental basis for business and personal use. It has interest in over 2,500 self-storage facilities located across 38 states.
Read More on PSA:
- PayPal downgraded, Block initiated: Wall Street’s top analyst calls
- Public Storage initiated with a Sector Perform at Scotiabank
- Extra Space Storage initiated with an Underperform at Scotiabank
- Public Storage initiated with a Sell at Deutsche Bank
- Public Storage price target raised to $339 from $287 at Jefferies
