Evercore cuts target for Public Storage stock from USD 319.00 to USD 308.00

Evercore ISI Group lowered its Public Storage target from USD 319.00 to USD 308.00 on September 21, 2026, while maintaining an In-Line rating, according to Yahoo Finance. The move puts the latest published target below the broader analyst range, while Public Storage stock remains tied to a large income-oriented real estate platform.

Target cut meets stronger revenue

Public Storage reported second-quarter 2026 revenue of USD 1.23 billion, an increase of 2.60 percent from the same quarter a year earlier, according to Zacks. Core funds from operations per share came in at USD 4.17, 1.90 percent below the consensus estimate, showing that top-line growth did not translate into a clean operating beat.

The same report showed same-store revenue falling 0.60 percent year over year to USD 1.01 billion, while same-store net operating income declined 2.20 percent to USD 746.4 million. Average occupancy improved to 92.50 percent, making pricing and cost control the more important variables for the next update.

Guidance still points to expansion

Public Storage raised its full-year 2026 Core FFO guidance to USD 16.75-17.05 per share from USD 16.35-17.00, according to Business Wire. The revised outlook incorporates expected contributions from the National Storage Affiliates Trust and Public Storage Canada transactions.

The operating mix explains the tension between the target cut and the higher outlook. Zacks reported that non-same-store revenue grew 25.60 percent in the second quarter of 2026, while revenue from the mature same-store portfolio declined 0.60 percent. Expansion assets are carrying growth, but the core portfolio still faces pressure from higher operating costs and weaker rental income per occupied square foot.

Stock sits below its yearly high

Public Storage was last at USD 282.84 on the NYSE on September 30, 2026 at 4:00 p.m. ET. Its market capitalization was USD 52.7 billion, and the 52-week range was USD 256.54 to USD 335.55 on that date, leaving the latest market value below the year's high.

MarketBeat reported on September 27, 2026, that 14 of 21 analysts held a Hold rating and seven rated the stock Buy, with an average 12-month target of USD 326.21. Public Storage is scheduled to release its next earnings report on November 2, 2026, according to Investing.com.