Public Storage price target lowered to $338 from $339 at Scotiabank

Scotiabank lowered the firm’s price target on Public Storage (PSA) to $338 from $339 and keeps a Sector Perform rating on the shares. Following a strong Q3 stock performance, the U.S. REIT market has retreated as fears of inflation pushed the 10-year Treasury bond yield higher, the analyst tells investors. The firm believes REITS look historically expensive compared to the real yield in the economy, and Scotiabank remains selective.