
Public Storage: Hold Rating Reiterated as Solid Q1 Meets Cautious Outlook; $305 Price Target Maintained

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BMO Capital analyst Juan C. Sanabria reiterated a Hold rating on Public Storage, maintaining a price target of $305. The company's solid Q1 performance was supported by an earlier tax refund and improved move-in trends. However, concerns about weakening in-place rents and unchanged full-year guidance indicate caution. Core FFO and same-store revenue guidance remain below estimates, prompting Sanabria to reaffirm his Hold rating. Evercore ISI also maintained a Hold rating with a $309 price target.
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