UPDATE: Morgan Stanley Color on Prologis Initiation

Morgan Stanley, which

coverage of Prologis

, is providing some color on the stock. “We expect PLD to close its valuation gap vs. blue-chip REIT peers with a recovery in global momentum, a more profitable development platform and progress on deleveraging & fund initiatives,” Morgan Stanley writes. “Initiating coverage with an Overweight rating and a $43 price target.” Prologis closed Wednesday at $36.00.