UPDATE: Cantor Fitzgerald Upgrades Public Storage to Buy on Valuation
Cantor Fitzgerald raised its rating on Public Storage (NYSE: PSA) from Hold to Buy and increased its price target from $143.50 to $160.
Cantor Fitzgerald noted, "Relative YTD underperformance has provided a rare opportunity to accumulate shares of PSA at a modest premium to NAV. The Co's. high occupancy level should facilitate ever-stronger pricing power that should lead to aboveaverage core NOI growth. We adjust our 2012/2013 FFO/sh. ests. to $6.21 and $7.15, respectively, from $6.17 and $6.90. We adjust our 2012/2013 AFFO/sh. ests. to $6.26 and $6.74, respectively. Our updated NAV/sh. est. is $130.50. Unlevered 10-yr IRRs is 7.0%."
Public Storage closed at $142.52 on Monday.
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