ProLogis (PLD) 2017 Consensus is Too Light - Oppenheimer
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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)."
Shares of ProLogis closed at $52.16 yesterday.
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