UPDATE: MLV & Co. Reiterates On Prologis Following 2Q14 Review

In a report published Wednesday, MLV & Co analyst Jonathan Petersen reiterated a Hold rating on Prologis (NYSE: PLD), and raised the price target from $43.00 to $44.00.

In the report, MLV & Co noted, “The warehouse market remains strong, as evidenced by the solid fundamentals underlying PLD's 2Q14 results. Same-store NOI is at its highest post-recession level and occupancy remains virtually full at 94.5%. We are increasing our estimates and price target to reflect the higher-than-expected promote in 2Q14 (+$0.02/sh of additional FFO vs. our prior estimate) and lower interest expense due to recent financings at attractive rates. Our new price target of $44, from $43, suggests additional upside from the current stock price, but not enough to justify a Buy rating. While we view PLD as a good long-term holding, we see more near-term upside in other Industrial REITs such as TRNO, FR, and STAG.”

Prologis closed on Tuesday at $41.98.