KeyBanc Upgrades Public Storage, Reiterates Hold on U-Store-It

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An analyst from KeyBanc capital markets, a provider of corporate and investment banking and capital-markets services, this week made recommendations regarding self-storage real estate investment trusts Public Storage Inc. and U-Store-It Trust. The analyst upgraded Public Storage stock from underweight to hold on valuation and reiterated a hold on U-Store-It.

According to the analyst, both companies have acknowledged that while the self-storage industry may outperform other commercial property types, it is not immune to economic volatility. Management teams from both companies have indicated that renter move-outs are outpacing move-ins, and commercial tenants may be on a decline this year.

The KeyBank analyst cautioned investors about jumping into the sector too early, as the company expects self-storage to experience pressure from several economic and capital-market factors. At the same time, it views upside and downside risks to be more balanced.

Source: StreetInsider.com, KeyBanc Upgrades Public Storage (PSA) to Hold; Reiterates a Hold on U-Store-It (YSI)

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