Evercore ISI downgraded Prologis to In Line from Outperform with an unchanged price target of $136. The analyst cites the stock’s lower relative ranking along with limited upside to estimates for the downgrade. The firm does not see any major catalysts near term for the stock even though its recent channel checks suggest that large e-commerce players are back in the market taking space. It is hard to argue for further multiple expansion off the current levels and therefore meaningful upside in the stock price would need to come from upward estimate revisions, says Evercore.
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