Public Storage (NYSE:PSA) is a real estate investment trust, or REIT, that acquires, develops, owns, and operates self-storage facilities. As one of the largest players in its industry, the company has a market capitalization of approximately $51.63 billion. Its stock currently trades at $294.09 per share.
On April 29, 2026, the investment firm Goldman Sachs confirmed its "Buy" rating for Public Storage. The firm also increased its price target for the company's stock to $341 from its previous target of $330. This new target suggests a positive outlook on the company's future performance.
This rating follows strong first-quarter 2026 results. Public Storage reports a 2.4% year-over-year increase in Core Funds From Operations (FFO) to $4.22 per share. FFO is a key metric for REITs that measures the cash generated by their operations, similar to how earnings are used for other companies.
As highlighted by Zacks, Public Storage's performance surpassed analyst expectations. Its quarterly FFO of $4.22 per share beat the consensus estimate of $4.13. The company's revenues also grew to $1.22 billion, marking the fourth consecutive quarter that Public Storage has exceeded both FFO and revenue estimates.
Confidence in the company's growth is also supported by its strategic moves. Public Storage announced a pending acquisition of National Storage Affiliates in a deal valued at an enterprise value of approximately $10.50 billion. This acquisition is a key part of its new "PS 4.0 era" strategy.
