FBR Capital Downgrades ProLogis (PLD) to Market Perform; Globalization: A Double-Edged Sword
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Price: $103.35 +0.16%
Rating Summary:
24 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Rating Summary:
24 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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FBR Capital downgraded ProLogis (NYSE: PLD) from Outperform to Market Perform. PT lowered to $37.50 from $38.
FBR analyst says, "ProLogis and AMB combined have returned a total of 55% and outperformed the RMZ by 1,954 bps since our rating/initiation on 7/13/2010 and outperformed the RMZ by 163 bps YTD. The current overall weaker macro environment does change our investment thesis at current price levels of PLD, due to a lack of further upside potential. The exposure of the combined AMB-ProLogis portfolio to Europe is 27% of NOI. With recent weaker GDP outlook for Europe, the $750M+ land bank for development will take longer to build, perhaps offset somewhat by positive demand from Japan. While arguments for obsolescence/lack of inventory in Europe, a resurgence of Japan industrial
fundamentals (6% of NOI), and G&A synergies may be made, we believe the stock
is fully valued."
For more ratings news on ProLogis click here and for the rating history of ProLogis click here.
Shares of ProLogis closed at $35.72 yesterday.
FBR analyst says, "ProLogis and AMB combined have returned a total of 55% and outperformed the RMZ by 1,954 bps since our rating/initiation on 7/13/2010 and outperformed the RMZ by 163 bps YTD. The current overall weaker macro environment does change our investment thesis at current price levels of PLD, due to a lack of further upside potential. The exposure of the combined AMB-ProLogis portfolio to Europe is 27% of NOI. With recent weaker GDP outlook for Europe, the $750M+ land bank for development will take longer to build, perhaps offset somewhat by positive demand from Japan. While arguments for obsolescence/lack of inventory in Europe, a resurgence of Japan industrial
fundamentals (6% of NOI), and G&A synergies may be made, we believe the stock
is fully valued."
For more ratings news on ProLogis click here and for the rating history of ProLogis click here.
Shares of ProLogis closed at $35.72 yesterday.
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