JP Morgan Raises Price Target on Public Storage (PSA)

JP Morgan Raises Price Target on Public Storage (PSA)


JP Morgan reported on Wednesday that it has increased its price target on real estate investment trust (REIT), Public Storage(PSA).

The firm has reiterated a “Overweight” rating, and has raised its price target from $157 to $164. This price target suggests a 6% increase from the stock’s current price of $153.98.

An analyst from the firm noted, “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 shares were mostly flat during premarket trading Wednesday. The stock has increased 15% in the past year.

The Bottom Line
Shares of Public Storage(PSA) have a 3.25% yield, based on Tuesday’s closing price of $153.98.

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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