• Return to Headlines

Downgrade Alert for Public Storage (PSA)

By Nick Russo

Public Storage (NYSE:PSA) was downgraded from Buy to Neutral at BofA/Merrill today. The stock closed yesterday at $230.83 on volume of 833,000 shares, above average daily volume of 732,000.

Public Storage (NYSE:PSA) is currently priced 3.1% above its average consensus analyst price target of $223.70. The stock should find initial resistance at its 200-day moving average (MA) of $236.37 and further resistance at its 50-day MA of $262.14.

In the past 52 weeks, shares of Public Storage have traded between a low of $182.08 and a high of $277.60 and closed yesterday at $230.83, which is 27% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.5%.

Public Storage is a real estate investment trust. The trust's principal business activities include the acquisition, development, ownership and operation of self-storage facilities in the United States. Public Storage also own an equity interest in an owner and operator of self-storage facilities in Europe.

SmarTrend recommended that its subscribers protect gains by selling shares of Public Storage on July 27th, 2016 by issuing a Downtrend alert when the shares were trading at $247.96. Since that call, shares of Public Storage have fallen 6.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades public storage

Ticker(s): PSA