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Argus trims Public Storage targets, but remains bullish

Published 11/15/2016, 12:29 PM
Updated 11/15/2016, 12:29 PM
Argus trims Public Storage targets, but remains bullish
  • Argus' Jacob Kilstein cuts his 2017 FFO estimate to $10.50 per share from $10.58 after Public Storage (NYSE:PSA) guided to a slowdown in same-store sales growth and occupancy, coupled with higher advertising costs over then next few quarters.
  • The team also cuts its price target to $270 from $284, though that still represents sizable upside from the current $213.
  • "Public Storage appears on track to continue its strong performance in the coming quarters through rent increases, a solid development and redevelopment pipeline, and accretive acquisitions," says Kilstein, recommending clients buy the dip.

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