UPDATE: ISI Group Downgrades Prologis to Hold

ISI Group lowers its rating on Prologis PLD to Hold from Buy as risk/reward ratio seems balanced at current levels. ISI Group says, "The stock has had a strong run since December 1 (+19.6% vs. the REITs up 12.3%) on the back of improving macro-economic data (including better news out of Europe), $2.1bn of asset sales and contributions in the back half of 2011, and also better than expected absorption in the US and Europe which many feared would slow given negative macro-events." PLD closed at $32.55 a share yesterday.