Prologis (PLD – Research Report), the Real Estate sector company, was revisited by a Wall Street analyst yesterday. Analyst Tom Catherwood from BTIG remains neutral on the stock and has a $154.00 price target.
Tom Catherwood’s Buy rating for Prologis’s stock (PLD) is based on a combination of factors. Prologis recently reported a stronger than expected 3Q23 Core FFO per share, surpassing both BTIG and Street expectations. Moreover, the company has raised its financial guidance for FY 2023, which is indicative of a positive outlook. Catherwood also notes the company’s robust operating results and record high GAAP leasing spreads as contributing factors to his rating.
Furthermore, he acknowledges the company’s strategic approach in navigating macroeconomic challenges. This includes capturing market rents as leases expire, maintaining customer loyalty, and positioning the portfolio for future opportunities. Another critical point mentioned by Catherwood is Prologis’s strong balance sheet, with unparalleled access to capital, which he believes could provide the company with significant investment opportunities. These factors, along with the company’s higher than anticipated net operating income and strategic capital contributions, underline why Catherwood has given Prologis a Buy rating.
Catherwood covers the Real Estate sector, focusing on stocks such as Hudson Pacific Properties, Veris Residential, and Prologis. According to TipRanks, Catherwood has an average return of -7.8% and a 44.23% success rate on recommended stocks.
In another report released yesterday, Barclays also maintained a Buy rating on the stock with a $153.00 price target.
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Prologis (PLD) Company Description:
Prologis, Inc. is a real estate investment trust which is engaged in the logistics real estate business. The company owns, operates and develops industrial real estate, with a focus on the consumption side of the global supply chain.
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