Argus analyst Jacob Kilstein raised his price target on Public Storage to $240 and kept his Buy rating, saying the company saw "positive results in 2018 despite challenging economic conditions." The analyst points to the "economies of scale, strong brand recognition, and assets in locations with high barriers to entry" as benefits for Public Storage and also cites its acquisitions where it can benefit from other operators' market presence and knowledge. While he is lowering his FY19 FFO outlook by 7c to $10.76 on slowing net operating income and rising storage supply nationwide, Kilstein believes that the premium at which Public Storage trades relative to peers is justified.