FBR Capital Maintains an 'Outperform' on ProLogis (PLD); Equity Offering - Too Soon, But Good to Be Done With
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Price: $141.03 -0.13%
Rating Summary:
21 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 4 | New: 7
Rating Summary:
21 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 4 | New: 7
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FBR Capital maintains an 'Outperform' on ProLogis (NYSE: PLD).
FBR analyst says, "Prologis announced a 30 million share equity offering (with over-allotment of an additional 4.5 million shares). The proceeds, which we estimate at about $1.1 billion (assuming 3-4% discounts in offering price as well as underwriting fees), is to largely pay down the PEPR bridge facility. The equity issuance is a near-term negative and the stock has recently underperformed (-4.7% vs. 2.3% for the RMZ quarter to date) also due to global macro-economic concerns. However, we continue to believe that the Prologis geographic exposure in the coastal markets, development acumen, and overall global industrial platform provide immense scalabilty for both joint venture as well as development potential and should provide above average performance in 2011-12."
For more ratings news on ProLogis click here and for the rating history of ProLogis click here.
Shares of ProLogis closed at $34.27 yesterday.
FBR analyst says, "Prologis announced a 30 million share equity offering (with over-allotment of an additional 4.5 million shares). The proceeds, which we estimate at about $1.1 billion (assuming 3-4% discounts in offering price as well as underwriting fees), is to largely pay down the PEPR bridge facility. The equity issuance is a near-term negative and the stock has recently underperformed (-4.7% vs. 2.3% for the RMZ quarter to date) also due to global macro-economic concerns. However, we continue to believe that the Prologis geographic exposure in the coastal markets, development acumen, and overall global industrial platform provide immense scalabilty for both joint venture as well as development potential and should provide above average performance in 2011-12."
For more ratings news on ProLogis click here and for the rating history of ProLogis click here.
Shares of ProLogis closed at $34.27 yesterday.
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