UPDATE: Morgan Stanley Upgrades Public Storage (PSA) to Equalweight

(updating comment)

Morgan Stanley analyst Ronald Kamdem upgraded Public Storage (NYSE: PSA) from Underweight to Equalweight with a price target of $203.00.

The analyst comments "The portfolio is spread out across 260+ counties in the US with the highest population density and second highest population affluence in the sector. Move-in volumes improved to -2% in July, occupancy adj. for auctions increased +120 bps, and rent collection is in-line with historical. We increase our PT 15% to $203 using a 19.0x multiple (vs. 2yr avg 19.8x and 5yr avg 21.3x) derived from a regression analysis at -3.0% ss-rev growth through 1Q21."

For an analyst ratings summary and ratings history on Public Storage click here. For more ratings news on Public Storage click here.

Shares of Public Storage closed at $221.01 yesterday.

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