RBC Capital downgraded Prologis to Sector Perform from Outperform with a price target of $127, up from $124. The firm is still encouraged by the company’s growth outlook over the next few years but says its mark-to-market has significantly narrowed over the last 18 months. Given management’s market rent growth forecast, it should further narrow over the next 12 months, the analyst tells investors in a research note. RBC believes the stock is currently pricing in the attractive near-term growth rate outlook, and there is likely less upside to the medium-term outlook.
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