Public Storage: Bull of the Day

July 3rd, 2007

Zacks Equity Research highlighted Public Storage (NYSE: PSA) as the Bull of the Day. Shares of PSA have traded down about 17% since mid-April.

Zacks attributes this to a correction in the sector as investors are taking profits after multi-year gains. Zacks thinks the sell-off has been overblown and PSA is still operating in an excellent environment for self-storage.

The company continues to have strong earnings momentum, and as the economy strengthens, the company should see even greater returns. With the acquisition of Shurgard, PSA removed a major competitor, and is by far the largest self storage operator in the U.S. Zacks is also encouraged by a slowdown in new supply coming on line in major markets.

This is good news for all of self-storage because PSA is a good indicator of industry health. I’m glad Wall Street is watching. It gives us a real look at the industry, not just what the internal pundits say. If I were in charge of marketing for Public Storage, I would amp up my marketing right about now. In fact, if I were marketing for any quality facility, now is the time to beef up marketing/branding campaigns to leverage this rebound.

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