Citigroup maintains its Neutral rating on Prologis PLD with a $27.50 target price as the company makes solid progress.
Citigroup notes, "PLD's shares are reacting well to an earnings beat, in-line
2012 guidance, and positive underlying operating fundamentals, even though ProLogis' shares are up significantly off last summer's lows. While the report was positive, PLD still has a lot of transactions to complete to attain its de-leveraging goals, let alone having a cooperating global industrial market. There is little doubt that the shares will remain volatile and subject to larger than average swings given its higher leverage (~9x debt to EBITDA), ~30% exposure to Europe, and a ramping development pipeline ($1.25bn of starts in '12 following $1bn in ‘11)."
PLD closed at $34.18 a share.
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