FBR Capital Reiterates an 'Outperform' on ProLogis (PLD); Please Pass the PEPR
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Price: $104.24 -2.11%
Rating Summary:
25 Buy, 7 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 16
Rating Summary:
25 Buy, 7 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 16
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FBR Capital reiterates an 'Outperform' on ProLogis (NYSE: PLD), raises PT to $18.50.
FBR analyst says, "We are reiterating our rating and raising our price target by $0.50 to $18.50 due to the increased realized valuation of ProLogis' PEPR holdings following this week's announced tender offer. ProLogis announced plans to tender units of PEPR for €6.10, which compares to the value of €5.58 applied in our previous NAV estimate. This offer follows a bid by Algemene Pensioen Groep N.V. (APG) and Goodman Group to acquire an increased stake in PEPR for €6.00/share, including the ability to manage the portfolio, which we do not expect to materialize."
"We are revising our NAV per share estimate to $15.00 from $14.50 due to (1) an increased valuation of PEPR shares of €6.10, versus the prior €5.58, and a proportionately increased valuation of PERF II shares; (2) an increased USD/EUR conversion of 1.44, versus the prior 1.34; and (3) ProLogis' increased ownership level in PEPR to 38%."
For more ratings news on ProLogis click here and for the rating history of ProLogis click here.
Shares of ProLogis closed at $15.89 yesterday.
FBR analyst says, "We are reiterating our rating and raising our price target by $0.50 to $18.50 due to the increased realized valuation of ProLogis' PEPR holdings following this week's announced tender offer. ProLogis announced plans to tender units of PEPR for €6.10, which compares to the value of €5.58 applied in our previous NAV estimate. This offer follows a bid by Algemene Pensioen Groep N.V. (APG) and Goodman Group to acquire an increased stake in PEPR for €6.00/share, including the ability to manage the portfolio, which we do not expect to materialize."
"We are revising our NAV per share estimate to $15.00 from $14.50 due to (1) an increased valuation of PEPR shares of €6.10, versus the prior €5.58, and a proportionately increased valuation of PERF II shares; (2) an increased USD/EUR conversion of 1.44, versus the prior 1.34; and (3) ProLogis' increased ownership level in PEPR to 38%."
For more ratings news on ProLogis click here and for the rating history of ProLogis click here.
Shares of ProLogis closed at $15.89 yesterday.
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