Scotiabank ups Public Storage PT amid weak demand in self-storage REITs

Extra Space Storage

18/03/2024 15:10

** Scotiabank raises price target on self-storage REIT
Public Storage  PSA.N  by $3 to $270 
    ** The new PT represents a 2.5% downside to the stock's
Friday close
    ** Scotiabank says a more bullish view on U.S. self-storage
would involve meaningful improvement in Street rates, which is
unlikely this year on subdued housing mobility 
    ** Storage companies Public Storage and Extra Space Storage
 EXR.N  are offering discounts to attract new customers in a
weaker demand period, says brokerage  
    ** Recommends investors wait for better visibility in
spring/summer new lease price 
    ** Half of the 18 brokerages covering the stock rate it at
"buy" or higher, eight "hold" and only one "sell"; their median
PT is $310
    ** PSA up 0.3% at $277.8; stock lost ~9% value so far this
year

 (Reporting by Pratyush Thakur)
 ((Pratyush.Thakur@thomsonreuters.com))