Cantor Fitzgerald Reiterates Buy on Public Storage Following Adjusted Estimates

In a report published Wednesday, Cantor Fitzgerald analyst David Toti reiterated a Buy rating and $162.00 price target on Public Storage (NYSE: PSA).

In the report, Cantor Fitzgerald noted, “We are adjusting our 2Q:13 FFO/share estimate to $1.80 from $1.76, as we expect Public Storage to report a foreign currency gain of approximately $6.8 million, or $0.04/share. The company had a loan receivable from Shurgard Europe of $398.6 million (311 million euros) as of 1Q:13. Given that the loan is denominated in euros and is unhedged, the company is exposed to currency fluctuations and reports foreign currency gains/losses every quarter. As a result of the aforementioned gain, we are also adjusting our 2013 FFO/share estimate to $7.14 from $7.10. Note that we assume no principal repayments in 2Q:13 and that these adjustments have no impact on our NAV/share or price target.”

Public Storage closed on Tuesday at $154.68.