Cowen upgraded ProLogis (NYSE: PLD) from Market Perform to Outperform with a price target of $46.00 (from $44.00).

Analyst James Sullivan commented, "On the back of a very strong 2Q, we are raising our 2015 and 2016 estimates as well as our price target, NAV estimate and rating. Demand for industrial real estate is likely to be extended this cycle by certain secular factors which should underpin pricing flexibility and SSNOI. PLD has also significantly reduced its euro currency exposure with increased euro borrowing at attractive rates."

For an analyst ratings summary and ratings history on ProLogis click here. For more ratings news on ProLogis click here.

Shares of ProLogis closed at $40.14 yesterday.