ProLogis (PLD) 2017 Consensus is Too Light - Oppenheimer

November 1, 2016 9:25 AM EDT
Get Alerts PLD Hot Sheet
Price: $52.76 -0.17%

Rating Summary:
    14 Buy, 12 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Oppenheimer analyst Steve Manaker reiterated an Outperform rating and $57 price target on ProLogis (NYSE: PLD) saying 2017 consensus is too light.

Manaker commented, "We rate PLD Outperform, believing the REIT is well positioned to benefit from strong global warehouse markets. We also expect the current $2.64/share 2017 consensus will move toward our $2.70 estimate. This 2%E increase in earnings is a large move for a REIT, given the longer-term nature of the leases. PLD is complex to model and we lay out some details inside. But we expect warehouse markets to remain landlord-friendly, which should be a big driver of PLD's 2017 FFO. We've modeled 10% leasing spreads in 2017 (15.0% GAAP/5.7% cash in 3Q16), but kept occupancy flat at 96.7% for the consolidated portfolio. We have the current $3.4 billion development pipeline coming online throughout 2017, but don't add any new developments (as we typically do)."

For an analyst ratings summary and ratings history on ProLogis click here. For more ratings news on ProLogis click here.

Shares of ProLogis closed at $52.16 yesterday.

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