UPDATE: KBW Raises PT on Public Storage to $110 (PSA)

KBW is out with its report today on Public Storage PSA, raising its PT to $110.

In a note to clients, KBW writes, "Increasing 2011E FFO to $5.65 from $5.45 to reflect incremental earnings from Shurgard Europe, improving domestic trends, and accelerating acquisition activity. Revising 2012E FFO to $6.15 from $5.78 to reflect improved operating expectations. Increasing price target to $110, or 19x forward FFO."

Shares of KBW closed Tuesday at $108.99, down 0.61% from Monday's close.