UPDATE: Cantor Fitzgerald Raises Prologis' PT

According to a research report published this morning, Cantor Fitzgerald has increased Prologis'

PT from $37 to $38.50. In the report, Cantor Fitzgerald said, "We are increasing our price target on PLD to $38.50 from $37.00 following 1Q:12 results. The increase is primarily due to our increased NAV calculation to $35.00 from $32.00, due primarily to a higher future development pipeline valuation. Additionally, it is important to note we are reducing our applied premium to 10% from 15% due to the continued uncertainty in Europe." Cantor Fitzgerald maintains its Buy rating on Prologis, which closed yesterday at $33.76.