Jefferies Lowers Price Target On ProLogis To $31

According to Jefferies, ProLogis PLD price target is lowered to $31 from $33. Jefferies said that its 12-month price target of $31 for PLD is derived via our dividend discount model (DDM) and implies that one year from now, the stock will trade at 18.2x and 17.7x our '12 and '13 FFO per share estimates, respectively. “The key risks to PLD are: a) timing of synergies related to the AMB-PLD merger, b) dilution from asset sales, c) starting more developments than demand can support, and d) additional land or property impairments.” ProLogis closed on Friday at $34.16.