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Fly News Breaks for April 9, 2019
PSA
Apr 9, 2019 | 07:25 EDT
Jefferies analyst Omotayo Okusanya upgraded Public Storage to Hold from Underperform and raised his price target for the shares to $201 from $181. With interest rates set to be lower for longer, equity risk premiums have dropped, Okusanya tells investors in a research note. As such, the analyst says that despite his "bearish call" on Public Storage's earnings outlook, he believes multiple compression is unlikely. The company's "premium" dividend "looks appealing," contends Okusanya.
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