Prologis downgraded to Market Perform from Outperform at BMO Capital

BMO Capital downgraded Prologis to Market Perform from Outperform with a price target of $112, down from $145. Despite underperforming year-to-date, the shares will remain under pressure “as long as the demand picture remains murky,” the analyst tells investors in a research note. The firm says net absorption is 74% year-over-year, which is a leading indicator to market rents and Prologis’ share price. Other business lines within the company’s moat platform are also weaker, says BMO.