Jefferies Initiates ProLogis With Hold (PLD)

Jefferies & Co. is initiating coverage on ProLogis

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.