Public Storage (PSA) is a major US real estate investment trust (REIT) headquartered in California. The company has 2,262 storage facilities in 38 states with a total area of 147 mn sq ft and 216 storages located in seven European countries with a total area of 11 mn sq ft. The company also owns a 42% stake in PS Business Parks (PSB), which operates 28 mn sq ft of commercial space.Public Storage recently released a strong report for Q2 2015. Quarterly revenue increased by 6.8% y-o-y. Net EPS rose by 20.6% y-o-y. Core FFO/share (funds from operations/share) was up 10.2% y-o-y, outpacing expectations by 1.2%. The company remains loyal to its shareholders and pay generous dividends. Public Storage recently raised its quarterly dividend to USD 1.7 (+21.4% y-o-y), yielding 3.3%.We believe that the business activity in the US and Europe will continue to rise, which will result in an increase in leased space and therefore positively affect the company's financial performance. This, coupled with higher dividend, will boost the company’s share price in the mid-term.We raised our mid-term fundamental valuation of Public Storage (PSA) shares to USD 215. The short-term technical target is USD 210.