Based on the provided data and context, I'll analyze whether PSA is overvalued in 5 concise sentences:
Public Storage (PSA) appears overvalued considering its recent underperformance relative to the broader market, with only a 6.5% gain compared to the S&P 500's 17.6% over the past year. The company's Q4 earnings missed estimates with core FFO of $4.21 versus $4.23 consensus, driven by declining occupancy rates and higher operating costs, while move-in rates have deteriorated from -5% YoY in Q4 to -8% YTD. Recent analyst actions reflect concerns, with RBC Capital lowering their price target from $342 to $329 and maintaining a Sector Perform rating, while Evercore ISI maintains a Hold rating with a $318 price target [3, 2]. Corporate insider sentiment is notably negative, with increased insider selling activity including a recent sale by the CLO in December 2024. Given the operational headwinds, declining metrics, and negative insider sentiment, PSA appears overvalued at current levels despite its defensive business model.