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.
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