UPDATE: KeyBanc Capital Markets Upgrades Public Storage at Hold on Valuation
KeyBanc Capital Markets raised its rating on Public Storage (NYSE: PSA) from Underweight to Hold.
KeyBanc Capital Markets noted, "Our previous UNDERWEIGHT rating on PSA was predicated primarily on valuation, given what we viewed to be a slower growth profile relative to the self storage sector and to the REITs on average. Since our downgrade on January 12, 2012, PSA has underperformed the other three self storage REITs (-2,100bps vs. CUBE, -3,840bps vs. EXR, -3,290bps vs. SSS) and the RMZ (-230bps). As a result of the underperformance, the stock's valuation seems more reasonable, in our view, and we feel the stock no longer warrants an UNDERWEIGHT rating."
Public Storage closed at $142.33 on Wednesday.
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