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Investing.com - RBC Capital has lowered its price target on Public Storage (NYSE:PSA) to $307.00 from $309.00 while maintaining a Sector Perform rating on the self-storage company’s stock. The storage REIT giant, with a market capitalization of $49.41 billion, currently trades at $280.86, significantly below RBC’s target.
The price target adjustment follows Public Storage’s third-quarter 2025 funds from operations (FFO) results, which RBC noted were better than expected primarily due to strong expense management. Despite the positive earnings surprise, the fundamental business conditions remain relatively stable rather than showing improvement. According to InvestingPro data, the company trades at a P/E ratio of 30.03, reflecting its premium valuation despite experiencing a 11.19% decline in total return over the past year.
RBC pointed out that hopes for a business inflection were disappointed again, as the company has needed to implement move-in rate reductions recently to maintain stable occupancy levels in its storage facilities.
The investment firm did highlight some positive developments, noting that Public Storage’s acquisition volumes are increasing and there are "signs of life" in the West Coast markets where the company operates.
RBC slightly reduced its 2026 FFO estimates for Public Storage, which contributed to the modest price target reduction from $309.00 to $307.00.
In other recent news, Public Storage reported its third-quarter 2025 earnings, which showed mixed results. The company exceeded earnings per share (EPS) expectations with a reported EPS of $2.62, surpassing the forecast of $2.53 by 3.56%. However, the revenue figures did not meet projections, coming in at $948.93 million, which was significantly below the anticipated $1.22 billion, marking a 22.22% shortfall. Despite the earnings beat, the revenue miss drew attention from investors. The stock experienced a decline in response to these results. These developments are part of the recent updates regarding Public Storage’s financial performance.
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