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Analyst Downgrades Public Storage, Stocks Drop

This week a Wells Fargo analyst downgraded real estate investment trust Public Storage Inc., saying income growth for the self-storage sector will trail a jobs recovery by six to nine months.

This week a Wells Fargo analyst downgraded real estate investment trust Public Storage Inc., saying income growth for the self-storage sector will trail a jobs recovery by six to nine months. In a note to investors, Jeffrey Donnelly said net operating income could stay weak into 2010, cutting his rating on Public Storage to "Market Perform" from "Outperform," and cutting his estimates for funds from operations from $1.28 to $1.24 per share for the third quarter and from $1.27 to $1.22 per share for the fourth quarter.
 
Shares of the Glendale, Calif.-based self-storage operator dropped $3.14 to $68.35 in Monday afternoon trading.
 
Source: Forbes, Public Storage shares drop after downgrade

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