Prologis price target raised to $145 from $140 at BMO Capital
The Fly

Prologis price target raised to $145 from $140 at BMO Capital

BMO Capital analyst John Kim raised the firm’s price target on Prologis to $145 from $140 and keeps an Outperform rating on the shares after its Q4 earnings beat. The analyst is citing stronger-than-expected organic growth and moderating interest rates supporting the quarter while also reducing the 2023-24 FFO estimates on Prologis due to lower acquisitions and strategic/promote income. The firm now sees FY23 FFO of $5.49 vs. $5.62 prior and FY24 FFO of $5.76 vs. $5.96 prior while adding that the company’s "unique gravy" – asset management, promotes, and development margins – are all declining.

Published first on TheFly

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