Truist notes that Prologis (PLD) introduced 2025 Core FFO/share guidance of $5.73, which is below the consensus and the firm’s $5.78 estimate. The miss appears to be mainly due to lower average occupancy expectations, the firm adds. While supply/demand challenges persist in the broader industrial sector, the company’s core operations were relatively positive, argues Truist. Overall, it estimates that supply/demand balance achieves more favorable equilibrium in late 2025/ 2026, all else equal. The firm continues to believe that Prologis will remain a multiyear compound growth story with a very strong balance sheet, but in the near-term it does think fundamentals will remain challenged. Truist has a Buy rating on the shares with a price target
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