Ahead of the Bell: Public Storage
NEW YORK (AP) — A Cantor Fitzgerald analyst on Tuesday raised his rating for Public Storage to "Hold" from "Sell," saying that the company's shares are now hovering around their fair value.
David Toti also backed his $143.50 price target for the company, which develops and operates self-storage centers in the U.S. and Europe. He noted that shares of the company, which is organized as a real estate investment trust, or REIT, have lagged those of other REITs.
Toti said the company could become a good investment as the markets head towards a choppy global economy, slow housing recovery and a stable consumer and employment environment.
The analyst added that he could become more positive about the stock if its price drops to $134 or below, which would put it in "Buy" rating range.
Toti predicted that the Glendale, Calif.-based company will report funds from operations of $1.66 for the third quarter when it releases its results on Nov. 8. Analysts, on average, expect funds from operations of $1.68 per share, according to a FactSet poll.