UPDATE: Cantor Fitzgerald Upgrades Public Storage to Hold on YTD Underperformance
Cantor Fitzgerald raised its rating on Public Storage (NYSE: PSA) from Sell to Hold with a reiterated $143.50 price target.
Cantor Fitzgerald commented, "The incrementally more positive view on the stock is driven in large part by YTD underperformance of 7.5% (versus the RMZ). We now view the stock to be trading near fair value and could become more positive at $134 and below (as the return moves into our BUY range), barring any exogenous changes. We increasingly like the name as markets steer into 1) renewed macro choppiness, 2) a slow-motion housing recovery, and 3) a stable consumer and/or employment outlook. This upgrade shifts our position on storage to neutral from underweight."
Public Storage closed at $136.88 on Monday.
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