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Upgrade Alert for ProLogis (PLD)

By Shiri Gupta

ProLogis (NYSE:PLD) was upgraded from Hold to Buy at Evercore ISI today. The stock closed yesterday at $52.07 on volume of 2.6 million shares, below average daily volume of 3.0 million.

ProLogis (NYSE:PLD) defies analysts with a current price ($52.07) 8.2% above its average consensus price target of $47.82. The stock should discover initial support at its 50-day moving average (MA) of $43.38 and subsequent support at its 200-day MA of $41.16.

In the past 52 weeks, ProLogis share prices have been bracketed by a low of $35.25 and a high of $54.87 and closed yesterday at $52.07, 48% above that low price. The 200-day and 50-day moving averages have moved 0.30% higher and 1.52% higher over the past week, respectively.

ProLogis provides distribution facilities and services. The Company has distribution facilities owned, managed, and under development in various markets throughout North America, Europe, and Asia. ProLogis leases industrial space to manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs.

SmarTrend is monitoring the recent change of momentum in ProLogis. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of ProLogis in search of a potential trend change.

Keywords: analyst upgrades/downgrades ProLogis

Ticker(s): PLD