BUZZ-Prologis falls after brokerage downgrades to 'market perform'

Reuters

Feb 03, 2025

** Shares of real estate investment trust Prologis PLD.N fall 2.26% to $116.55 premarket after brokerage Raymond James trims stock's rating to "market perform" from "outperform"

** PLD beat Wall Street expectations for Q4 core funds from operations, helped by improving demand for its warehousing spaces and sale of a data center

** Says investor expectations are now higher following bullish industrial demand commentary from management; says "those expectations may have been reset too high"

** "We believe smaller industrial REIT peers offer similar fundamental performance, less complexity, and more upside potential" - brokerage

** 17 of 24 brokerages rate PLD "buy" or higher, 6 "hold" and one "sell"; their median PT is $141 - data compiled by LSEG

** In 2024, stock fell 20.7% YTD

(Reporting by Anshuman Tripathy)

((Anshuman.Tripathy@thomsonreuters.com))

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