Goldman Sachs analyst Caitlin Burrows keeps a Buy rating and $170 price target on Prologis after the company announced a $3.1B deal to acquire 14M sqf in Blackstone Industrial Portfolio. The assets will be earnings neutral to slightly positive in year one, but rather than creating immediate near-term positive estimate revisions, the benefit of this acquisition is to further improve the company’s platform, clusters, and Essentials business, strengthening sustained long-term earnings growth potential, the analyst tells investors in a research note.
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