UPDATE: Jefferies Lowers PT on Public Storage on Limited Upside

In a report published Thursday, Jefferies analyst Omotayo Okusanya reiterated a Hold rating on Public Storage PSA, but lowered the price target from $165.00 to $160.00. In the report, Jefferies noted, “We see limited upside in PSA's shares in the near-term despite solid results in 2Q13, given: 1) the portfolio is essentially fully occupied at 94.9% as of June 30, 2013; and 2) due to PSA's size, it is harder to grow earnings via acquisitions. We are lowering our PT to $160 due to rising interest rates and maintain our Hold Rating.” Public Storage closed on Wednesday at $152.55.