ProLogis (PLD) PT Raised to $73 at BTIG
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Get Alerts PLD Hot Sheet
Rating Summary:
24 Buy, 10 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 14 | New: 15
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BTIG raised its price target on ProLogis (NYSE: PLD) to $73.00 (from $71.00) while maintaining a Buy rating. The development platform continues to create value; margins on 1Q18 stabilizations exceeded underwriting by 900-1,000 bps. Additionally, Prologis’ size and global footprint provide access to lower cost debt than its domestic REIT peers.
BTIG raised 2018 FFO/sh estimates by $0.09 to $2.99 to account for higher SSNOI growth, higher promote income (up $31M to $66M), and lower interest expense (down $40.4M to $202.6M) offsetting higher asset sales (up $480M to $1.56B).
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