Public Storage price target lowered to $309 from $328 at RBC Capital

RBC Capital analyst Brad Heffern lowered the firm’s price target on Public Storage (PSA) to $309 from $328 and keeps a Sector Perform rating on the shares. The company’s Q2 results showed stability in the storage market, albeit at relatively mediocre levels, and despite what looked like a potential inflection in May move-in rates, June and July moved back into the negative mid-single digits, the analyst tells investors in a research note. The negative stock reaction is likely overdone however, RBC added.