Key Banc lowers its rating on Public Storage PSA to Underweight from Hold and establishes a $115 downside price target.
Key Banc says, "Our downgrade is primarily valuation-oriented and reflects our view that: 1) PSA's FFO growth profile will be lower relative to its self storage REIT brethren; and 2) PSA shares are fully valued at current levels. Moreover, though only approximately 5% of PSA's
NOI is generated abroad in Europe, the Company remains susceptible to a slowdown overseas and a continued weakening in the EUR/USD cross, as well as headline risk."
PSA closed at $133.22 per share on Wednesday.
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