BofA analyst Jeffrey Spector raised the firm’s price target on Public Storage (PSA) to $380 from $368 and keeps a Buy rating on the shares. The firm is updating its self storage estimates and targets following Q1 results. After having attended Newmark’s annual Self Storage Symposium in Houston last week, the firm says sentiment was “one of cautious optimism around improving demand and fundamentals as well as transactions and pricing,” which it adds dovetails with the firm’s more positive view on self storage versus other REIT subsectors.
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