- "We think the shares have pulled back too much on overblown concerns regarding slowing earnings growth," says analyst Omotayo Okusanya, upping Public Storage (PSA) to a Buy with $175 price target. "Our PT implies a total return of ~20%, including the 3.7% dividend yield."
- The analyst cuts Highwoods Properties (HIW) to Hold with price target of $38 (from $42). "While we like the HIW story longer-term, we expect performance in 2014 to be more modest given limited near-term catalysts, and fair valuation at 12.4x FFO versus Suburban Office REIT peers at 11.9x FFO."
- See also: Jefferies makes a couple of other moves in REITs.
Public Storage made a Buy at Jefferies; Highwoods cut
Jan 9 2014, 07:39 ET