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.