UPDATE: JP Morgan Raises PT to $157 on Public Storage on Updated Estimates

JP Morgan reiterated its Overweight rating on Public Storage

and raised its price target from $154 to $157. JP Morgan said, "We rate shares of PSA Overweight, largely based on its balance sheet strength, acquisition potential, and the property type's leverage to an economic rebound. … We are updating our model and estimates post 3Q earnings. We are increasing our 2012 “core” FFO from $6.54 to $6.61. Also note that our reported 2012 FFO estimate is $6.19. In addition, we are increasing our 2013 “core” FFO from $7.05 to $7.19. Finally, we are introducing our 2014 “core” FFO estimate of $7.62." Public Storage closed at $144.53 on Wednesday.