UPDATE: Morgan Stanley Color on Prologis Initiation

Morgan Stanley, which initiated coverage of Prologis PLD, is providing some color on the stock. “We expect PLD to close its valuation gap vs. blue-chip REIT peers with a recovery in global momentum, a more profitable development platform and progress on deleveraging & fund initiatives,” Morgan Stanley writes. “Initiating coverage with an Overweight rating and a $43 price target.” Prologis closed Wednesday at $36.00.