Prologis price target raised to $124 from $119 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Prologis (PLD) to $124 from $119 and keeps a Neutral rating on the shares after its Q4 earnings beat. The firm is updating its model to reflect the company’s update on tenant interest and leasing activity, market rent growth, and data center development, the analyst tells investors in a research note. Goldman adds that customer utilization for Prologis declined sequentially due to inventory being pulled for the holiday season rather than tenants using less space, and the management expects that occupancy will decline in the first half of the year as excess space still needs to be absorbed, but then it sees improvement in the second half of 2025.