UPDATE: JP Morgan Raises PT to $164 on Public Storage Following Preferred Shares Issuance

JP Morgan maintained Public Storage PSA with an Overweight rating and raised the price target from $157.00 to $164.00. JP Morgan said, "After 4Q earnings and yesterday's preferred stock issuance, we are increasing our 2013 FFO/share estimate $0.04 to $7.25 and our 2014 FFO/share estimate $0.05 to $7.71 based on updated investment guidance. … 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." Public Storage closed at $172.75 on Monday.