BofA Securities Upgrades ProLogis (PLD) to Buy

BofA Securities analyst Camille Bonnel upgraded ProLogis (NYSE: PLD) from Neutral to Buy with a price target of $130.00 (from $118.00).

The analyst comments "PLD offers high-single-digit % annual FFO growth in a normalized environment. Key drivers: embedded escalators, market rent growth, data center conversions, transactions, development, fund business & essentials business. There are still pockets of weakness like SoCal, refi headwinds and the potential for fundamentals weakening for a few quarters before improving. That said, we believe the downside is largely priced in with the Street modeling +6% Y/Y growth in 2026. PLD trades at 24x forward AFFOx vs historically 26x+. Rate cuts could spark interest from generalists including income investors in blue-chips like PLD, which offers a 3.5%+ distribution yield (up from 2.5-3% in recent years)."

For an analyst ratings summary and ratings history on ProLogis click here. For more ratings news on ProLogis click here.

Shares of ProLogis closed at $114.27 yesterday.

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