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UPDATE: Stifel Nicolaus Downgrades Prologis to Hold on Valuation

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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
Sep 2014Capital One FinancialInitiates Coverage onOverweight
Aug 2014SunTrust Robinson HumphreyMaintainsBuy
Jul 2014BarclaysMaintainsOverweight

View More Analyst Ratings for PLD
View the Latest Analyst Ratings

Posted-In: Stifel NicolausAnalyst Color Downgrades Analyst Ratings

 

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