Public Storage: Hold Rating Reiterated as Solid Q1 Meets Cautious Outlook; $305 Price Target Maintained

BMO Capital analyst Juan C. Sanabria maintained a Hold rating on Public Storage today and set a price target of $305.00.

Juan C. Sanabria has given his Hold rating due to a combination of factors tied to both near-term strength and tempered forward expectations. Public Storage delivered a better-than-anticipated first quarter, with same-store NOI benefitting from an earlier tax refund and solid move-in trends as discounting eased, which should support a constructive near-term share reaction.

However, he notes that in-place rents are still weakening, and management chose to leave full-year guidance unchanged, signaling caution around the key upcoming leasing season and broader macro uncertainty. Core FFO and same-store revenue guidance remain below both Street and BMO estimates, and management did not revise ancillary or non-same-store growth expectations, leading Sanabria to reaffirm a Hold rating and keep his $305 price target unchanged.

In another report released on April 13, Evercore ISI also maintained a Hold rating on the stock with a $309.00 price target.