Jefferies Upgrades ProLogis (PLD) to Hold

Jefferies upgraded ProLogis (NYSE: PLD) from Underperform to Hold with a price target of $31.00.

The firm said, "We are upgrading PLD to Hold from Underperform given that: 1) recent private market transactions support PLD's current valuation, 2) PLD expects leasing spreads to turn positive in late 2012, which is sooner than we had expected, and 3) PLD's valuation better reflects the risks related to its de-leveraging plan following the stock's 19% decline since the earnings report on 7/28/11."

For more ratings news on ProLogis click here and for the rating history of ProLogis click here.

Shares of ProLogis closed at $28.76 yesterday.

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