Jefferies Lowers Price Target On ProLogis To $31

According to Jefferies, ProLogis

price target is lowered to $31 from $33. Jefferies said that its 12-month price target of $31 for PLD is derived via our dividend discount model (

) and implies that one year from now, the stock will trade at 18.2x and 17.7x our '12 and '13 FFO per share estimates, respectively. “The key risks to PLD are: a) timing of synergies related to the AMB-PLD merger, b) dilution from asset sales, c) starting more developments than demand can support, and d) additional land or property impairments.” ProLogis closed on Friday at $34.16.