Argus lowered the firm’s price target on Prologis (PLD) to $130 from $135 and keeps a Buy rating on the shares. The firm notes that its reduced price target is driven by a correction in over the second half of 2024 as sector rotation into some income stocks stalled. Argus adds however that share prices of REITs tend to improve on news of easing interest rates, and the firm estimates the Federal Reserve could drop rates again by year-end. The firm contends that Prologis should continue to have a well-planned asset pipeline to help drive earnings as industry spending increases as the economy improves.
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