Wells Fargo analyst Eric Luebchow downgraded Public Storage (PSA) to Equal Weight from Overweight with a price target of $295, down from $330. The firm is “slightly cautious” on the storage real estate investment trusts heading into the Q4 reports. The stocks have rallied on headline housing enthusiasm, but 2026 outlooks will likely come in slightly below Street expectations, the analyst tells investors in a research note. Wells sees downside risk to Public Storage’s estimates.
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