Raymond James downgraded Prologis (PLD) to Outperform from Strong Buy with a price target of $125, down from $130. The tone regarding industrial demand at REITworld a few weeks ago was more muted from what was already a tepid message only a few weeks prior during Q3 earnings calls, the analyst tells investors in a research note. Industrial fundamentals remain solid, just not as strong as the early post-Covid years, the firm says. Raymond James believes Prologis’ risk/reward is less-compelling and no longer warrants a Strong Buy rating, but the firm remains constructive due to its attractive valuation coupled with solid AFFO growth through 2026, as well as its long-term upside potential.
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