UPDATE: Cantor Fitzgerald Initiates Sell, $133.50 PT on Public Storage

Cantor Fitzgerald initiates coverage on Public Storage

with a Sell rating and a price target of $133.50 a share on performance that has been lagging smaller peers recently. Cantor Fitzgerald comments, "Public Storage is the industry behemoth, with a ironclad balance sheet and ample liquidity. The stock trades with premiums to net asset value (

) 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." PSA closed at $139.25 a share yesterday.