Citi Reiterates Buy Rating on ProLogis (PLD)
Citi analyst Nicholas Joseph reiterated a Buy rating and $150.00 price target on ProLogis (NYSE: PLD).
The analyst comments "PLD’s below consensus initial 2025 FFO guidance of $5.73 at the midpoint (vs. Factset consensus at $5.78 and Citi at $5.82) is seemingly in line with the majority of respondents to our recent survey (LINK). Importantly, management’s comment in the press release provides a positive tone headed into the call, in our opinion, which could be a potential catalyst for the stock: “Post-election leasing activity has been strong, and our ongoing conversations with customers support our expectation that the market is nearing an inflection point”. On the flipside, PLD’s utilization index and lease proposal pipeline declined sequentially; we suspect management’s commentary could be a better gauge of real-time conditions vs. the 4Q24 stats, but we will look for clarity on the call."
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Shares of ProLogis closed at $109.48 yesterday.