Public Storage upgraded to Buy at BofA on positive self storage view

As previously reported, BofA upgraded Public Storage (PSA) to Buy from Neutral with a price target of $368, up from $349. The firm has a more positive view on the self storage sector as well as Public Storage’s “strong and flexible” balance sheet, the analyst tells investors. Public Storage has the lowest leverage compared to peers, which provides defensiveness if the economy slows and/or capital markets tighten, the analyst added.