Public Storage price target raised to $305 from $301 at RBC Capital

RBC Capital analyst Brad Heffern raised the firm’s price target on Public Storage (PSA) to $305 from $301 and keeps a Sector Perform rating on the shares. The company’s Q1 results showed a flip to positive move-in rates, much faster than premised in guidance or what the firm was expecting based on market data, the analyst tells investors in a research note. Occupancy was also strong given low churn, although the late-quarter surge in rates may have eroded some of this, RBC added.