Freedom Broker Upgrades ProLogis (PLD) to Buy
Freedom Broker analyst Zhiger Kurmet upgraded ProLogis (NYSE: PLD) from Hold to Buy with a price target of $142.00 (from $165.00).
The analyst commented: "Prologis delivered results ahead of our Core FFO estimate, with occupancy edging higher and rent spreads on lease roll-over widening sequentially. However, the outlook has become more tempered. Management lowered net earnings and strategic capital revenue guidance and reduced expected disposition volumes, while raising its return requirements as higher Treasury yields slow transaction activity. We lower our estimates for 2027 and 2028 and reflect a higher cost of capital in
our valuation. The SEGRO combination cleared the shareholder vote and is expected to close in H1'27. We upgrade our recommendation to Buy and lower our price target to $142. The upgrade reflects the decline in the shares, which now trade at a meaningful discount to our revised targe"
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Shares of ProLogis closed at $125.75 yesterday.