Prologis price target raised to $123 from $119 at Evercore ISI

Evercore ISI raised the firm’s price target on Prologis to $123 from $119 and keeps an In Line rating on the shares. Prologis reported Q2 results that the firm calls “better than feared,” slightly ahead of the Street and matching the firm’s estimates. Given the softer CPI print in June and related moves in interest rates, the firm raised its AFFO multiple for the core business by 1 turn, driving its higher price target.