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Thursday, Apr 18, 2024

Public Storage Falls After Analyst Downgrade

Shares of Public Storage in Glendale fell nearly 4.5 percent Tuesday after an analyst downgraded the stock to “sell” from “neutral.” Andrew Rosivach, a managing director a Goldman Sachs in New York, expressed “concerns about slowing same-store growth and increased storage space supply” which will make it difficult for Public Storage to improve occupancy or raise rents, according to Seeking Alpha. Rosivach cut his 12-month price target to $198 from $210. The analysis comes less than three weeks after Public Storage announced second-quarter results, which fell short of analyst expectations on both revenue and funds from operations. Public Storage is a real estate investment trust focused on the self-storage segment of the real estate market. Shares of Public Storage (PSA) fell $9.82, or 4.5 percent, on Monday to close at $211.04 on the New York Stock Exchange.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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