Imperial Capital Boosts Public Storage's Price Target; Maintains "In-Line" Rating (PSA)

Imperial Capital Boosts Public Storage’s Price Target; Maintains “In-Line” Rating (PSA)


On Monday analysts at Imperial Capital raised the price target for real estate investment trust Public Storage (PSA) as the analysts say its growth is not affected by a struggling economy.

The firm reaffirmed the “In-Line” rating for PSA, but raised the price target from $140 to $144. The new target is a -1.2% downside from Friday’s closing price of $145.70.

Imperial Capital analyst David Harris noted that it seems that demand for storage space is not affected but the economy, but by certain life events such as divorce or attending college.

“Many investors regard PSA as an attractive investment that combines defensive and growth characteristics,” said Harris.

He also noted, “PSA’s balance sheet has virtually no debt but rather low coupon preferred shares with little refinancing risk. Moreover, PSA has more than doubled its common dividend since 2008 and seems likely to increase its pay-out at a faster pace than average over the next few years at least.”

Public Storage shares were down 77 cents, or -0.53%, in morning trading on Monday.

The Bottom Line
Shares of Public Storage (PSA) have a 3.02% dividend yield, based on Friday’s closing stock price of $145.70. The stock has technical support in the $135 price area. The stock is not trading far off its all-time high range of $145-$150 a share.

Public Storage (PSA) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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