UPDATE: Cantor Fitzgerald Upgrades Public Storage to Hold on YTD Underperformance

Cantor Fitzgerald raised its rating on Public Storage

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.