Goldman Sachs analyst Caitlin Burrows downgraded Prologis (PLD) to Neutral from Buy with a price target of $132, down from $142, following the Q3 report. The firm sees lower market rent growth lasting for longer, driving 2025 same-store net operating income growth to be under 5% and later development starts. Macro uncertainty around interest rates, geopolitical instability, the U.S. election outcome, and recent environmental disasters have delayed tenant decision-making and leasing, which is anticipated to continue into 2025, the analyst tells investors in a research note.
Don't Miss our Black Friday Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PLD:
- PLD Earnings: Prologis Reports Better-than-Expected Q3 Results
- United Air reports Q3 beat, Amazon unveils nuclear energy pacts: Morning Buzz
- Morning Movers: Synchrony gains, Citizens Financial dips following Q3 releases
- Prologis Reports Strong Q3 2024 Financial Results
- Prologis narrows FY24 Core FFO view to $5.49-$5.53 from $5.46 to $5.54