UPDATE: Key Banc Downgrades Public Storage to Underweight, Sets PT at $115

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.