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Upgrade Alert for Public Storage (PSA)

By James Quinn

Public Storage (NYSE:PSA) was upgraded from Sell to Hold at Evercore ISI today. The stock closed yesterday at $226.70 on volume of 708,000 shares, below average daily volume of 732,000.

Public Storage share prices have moved between a 52-week high of $277.60 and a 52-week low of $182.08 and closed yesterday at 25% above that low price at $226.78 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has remained constant.

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.

Public Storage (NYSE:PSA) defies analysts with a current price ($226.78) 1.4% above its average consensus price target of $223.70. The stock should run into initial resistance at its 200-day moving average (MA) of $236.37 and subsequent resistance at its 50-day MA of $262.14.

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 9.7%. 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