Goldman Sachs Raises Public Storage (PSA) Target as Acquisition Advantage Drives Growth

Public Storage (NYSE:PSA) is included among the 14 Best Real Estate Stocks to Buy According to Hedge Funds.

On February 21, Goldman Sachs analyst Caitlin Burrows raised her price recommendation on Public Storage (NYSE:PSA) to $330 from $321. The analyst kept a Buy rating on the stock following its Q4 results. She said one of the company’s biggest advantages is its ability to acquire large amounts of assets while still generating strong returns, largely because of its lower cost of capital. This puts Public Storage in a position to pursue deals that many competitors may pass on. She also noted that the company’s ability to continue developing properties across different market cycles has been a steady and reliable source of earnings growth.

During the company’s fourth-quarter earnings call, CEO Joseph Russell spoke about what he described as a major leadership transition. He announced that Tom Boyle had been promoted to CEO and Trustee, calling it a generational change for the company. Russell said he had worked closely with Boyle for nearly ten years, and highlighted Boyle’s strong track record as CFO and CIO, where he played a key role in capital allocation, financial planning, and overall business performance.

Russell said Joe Fisher, the company’s new President and CFO, brings deep industry experience and is well respected in the REIT sector, making him a strong addition to the company’s leadership team. He also talked about the launch of PS4.0, describing it as the next phase in Public Storage’s long-term strategy. Russell noted that the company has delivered strong results in recent years. Between 2023 and 2025, Public Storage led its sector in same-store revenue growth, NOI growth, and NOI margins. He added that the company also posted the strongest core FFO per share growth and generated total shareholder returns of 18.6%, outperforming its peers during that time.

Public Storage (NYSE:PSA) is a self-storage REIT that owns and operates storage facilities across its network. Its properties provide storage space for both individuals and businesses, typically on flexible month-to-month lease terms.

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