Public Storage Price Target Rises to $330 as New CEO Takes Helm
Goldman Sachs raised its price target on Public Storage to $330 from $321, citing the REIT’s low cost of capital that enables large asset acquisitions with strong returns. Public Storage promoted Tom Boyle to CEO, appointed Joe Fisher as president and CFO, and unveiled its PS4.0 strategic phase.
1. Analyst Raises Price Target
Goldman Sachs increased its price target on Public Storage from $321 to $330, maintaining a Buy rating based on the REIT’s low cost of capital that supports sizable acquisitions while delivering strong returns.
2. Leadership Transition
Tom Boyle was promoted to CEO and trustee in a generational leadership change, succeeding Joseph Russell, while Joe Fisher joined as president and CFO, bringing extensive REIT sector experience in capital allocation, financial planning and operations.
3. Strategic Phase and Performance
Public Storage launched its PS4.0 strategic phase and between 2023 and 2025 led its sector in same-store revenue growth, net operating income growth and NOI margins, delivered the strongest core FFO per share growth and generated an 18.6% total shareholder return.