Prologis price target lowered to $120 from $139 at Argus

Argus lowered the firm’s price target on Prologis to $120 from $139 and keeps a Buy rating on the shares. The REIT reported a strong quarter and its dividend is the fastest growing among its peers, though the management lowered its annual guidance around 1%, citing portfolio headwinds in Southern California and slower leasing decisions due to the economy and geopolitical concerns, the analyst tells investors in a research note. Longer term, the firm retains a favorable view of Prologis’s growth prospects as the REIT has substantial pricing power thanks to premier locations and made-to-order warehouses, Argus added.