Prologis price target lowered to $123 from $136 at Evercore ISI

Evercore ISI lowered the firm’s price target on Prologis to $123 from $136 and keeps an In Line rating on the shares. Prologis reported better-than-expected Q1 FFO, though the company surprised the Street by lowering guidance, including FFO, NOI growth and average occupancy for FY24, the analyst tells investors. In conjunction with Q1 results and revised guidance, the firm lowered it FY24 core FFO per share estimate 11c to $5.45, while its FY25 core FFO per share estimate fell to $6.04 from $6.29. However, despite short-term headwinds, the firm says it still expects Prologis to deliver over 9% FFO growth ex-promotes from 2024 to 2026.