Friday December 21, 02:46 PM
Public Storage "neutral," target price reduced
NEW YORK, December 21 (newratings.com) - Analysts at Robert W Baird maintain their "neutral" rating on Public Storage Inc (ticker: PSA), while raising their estimates for the company. The 12-month target price has been reduced from $85 to $80.
In a research note published this morning, the analysts mention that the company has successfully completed the integration of Shurgard and has solid cash flows and an excellent balance sheet. Public Storage is now seeking new growth opportunities, the analysts say. The company's share price is likely to remain under pressure in the near term on account of concerns surrounding housing and the general economy, Robert W Baird adds. The EPS estimates for 2007 and 2008 have been raised from $4.51 to $4.78 and from $4.82 to $5.00, respectively.
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