Barclays assumed coverage of Prologis with an Overweight rating and $141 price target. The firm notes that embedded growth is an ongoing, multi-year tailwind to the REIT’s FFO growth, with the company quoting a current mark-to-market of 57%. This assumes no future market rent growth, and if fully realized, it would add an incremental $2.4B of net operating income to Prologis’s 2023 base of $5.7B, the analyst tells investors in a research note.
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