UPDATE: Barclays Increases Public Storage's PT

According to a research report published on Friday, Barclays has maintained its Overweight rating on Public Storage

while increasing the price target to $167 from $159. In the report, Barclays stated, "Reported FFO of $1.38ps was below our estimate ($1.55ps) and consensus ($1.52ps), but was ahead of expectations after backing out FX and preferred redemption losses ($1.62ps operating FFO). We think the key takeaway was the continued fundamental strength (+8.3% YOY SSNOI growth, albeit partially expense-driven), which is the primary driver behind the increase to our 2013 FFO estimate. PSA also continues to take advantage of a low cost of capital and acquisition opportunities priced well below replacement cost. We think the stock is attractive given the best near-term SSNOI growth in any sector outside of multi-family, one of the strongest balance sheets in the REIT industry (and a falling cost of financing due to high demand for PSA's preferred equity) and yet a roughly in line relative earnings multiple." Public Storage traded around $145.30 Friday, up over 8 percent year-to-date.