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UPDATE: Stifel Nicolaus Downgrades Prologis to Hold on Valuation

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Benzinga's Top Downgrades
Benzinga's Top Downgrades

Stifel Nicolaus downgraded Prologis (NYSE: PLD) from Buy to Hold and removed the price target of $40.00.

Stifel Nicolaus commented, "Based largely on valuation, we are downgrading to Hold. Since the Prologis Investor Day on September 14, 2012, PLD has outperformed the RMS by roughly 734 bps, up 9.05% vs the RMS up 1.71%. We projected forward our post NPR and PELP Net Asset Value to 2Q13 stabilized. The transactions together reduce the implied cap rates to 5.72%/4.89%/4.03% from 5.79%/5.05%/4.29%. … Over the longer term, we have great confidence in PLD management, and we think the "bull case" for Prologis continues to outweigh the "bear case"."

Prologis closed at $39.42 on Thursday.

Latest Ratings for PLD

DateFirmActionFromTo
Jul 2016Deutsche BankMaintainsHold
Jul 2016BarclaysMaintainsOverweight
Jul 2016CitigroupMaintainsNeutral

View More Analyst Ratings for PLD
View the Latest Analyst Ratings

Posted-In: Stifel NicolausAnalyst Color Downgrades Analyst Ratings

 

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