Scotiabank downgraded Prologis (PLD) to Underperform from Sector Perform with a price target of $97, down from $133. The firm thinks valuation will stay depressed given its revised estimate of 4.4% average annual FFOPS growth in 2025-2027, which it notes roughly matches the U.S. REIT sector over the same timeframe. In the firm’s view, the current valuation is “warranted,” the analyst added.
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