Mizuho downgraded Prologis to Neutral from Buy with a price target of $125, down from $140. The analyst sees a balanced risk/reward and more limited upside to the price target. A deep-dive reveals Prologis’ markets have seen the most deceleration in demand among the group, the analyst tells investors in a research note. Given slower demand and rent growth, the firm sees greater risk to the company’s earnings growth in 2024.
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