JP Morgan Raises Target, Estimates for Public Storage; Well-Positioned for Economic Rebound (PSA)

JP Morgan Raises Target, Estimates for Public Storage; Well-Positioned for Economic Rebound (PSA)


Self-storage REIT Public Storage (PSA) on Friday caught some continued bullish commentary from analysts at JP Morgan.

The firm reiterated its “Overweight” rating on PSA and lifted its price target from $154 to $157. That new target suggests a 9% upside to the stock’s Wednesday closing price of $144.29.

A JP Morgan analyst commented, “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.” Continuing, “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 shares were unchanged in premarket trading Friday. The stock has risen about 7% since the start of 2012.

The Bottom Line
Shares of Public Storage (PSA) have a 3.05% dividend yield, based on Wednesday’s closing stock price of $144.29. 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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