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Jefferies & Co. is initiating coverage on ProLogis
PLD with a Hold rating and a $13 price target on shares.
In a note sent to clients, Jefferies writes, "We are positive on PLD's development potential, above average earnings growth, and strong management team that has executed on its strategy. However, we are neutral on PLD given its premium valuation and the execution risk related to its long-term asset sale and development plans."
Shares of PLD closed at $14.26 yesterday.
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Posted In: Analyst ColorPrice TargetInitiationAnalyst RatingsFinancialsIndustrial REIT'sJefferies & Co.
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