Scotiabank Lowers Prologis (NYSE:PLD) Price Target to $134.00

Prologis (NYSE:PLD) had its target price cut by equities researchers at Scotiabank from $136.00 to $134.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s price objective indicates a potential upside of 16.96% from the stock’s previous close.

Several other brokerages have also issued reports on PLD. Bank of America reaffirmed a “neutral” rating and issued a $128.00 target price on shares of Prologis in a research note on Monday, August 12th. Barclays increased their target price on shares of Prologis from $131.00 to $132.00 and gave the company an “overweight” rating in a report on Monday, November 18th. JPMorgan Chase & Co. lowered their price target on shares of Prologis from $138.00 to $131.00 and set an “overweight” rating for the company in a research note on Monday, October 21st. Evercore ISI raised their price objective on Prologis from $124.00 to $128.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $132.00 target price (down previously from $142.00) on shares of Prologis in a research note on Monday, October 21st. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Prologis presently has an average rating of “Moderate Buy” and a consensus target price of $131.13.

Prologis Stock Performance

Shares of Prologis stock traded down $1.83 during trading hours on Wednesday, hitting $114.57. 432,810 shares of the company’s stock traded hands, compared to its average volume of 3,640,501. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.43 and a quick ratio of 0.43. The stock has a market capitalization of $106.11 billion, a price-to-earnings ratio of 34.61, a PEG ratio of 3.39 and a beta of 1.07. The company has a fifty day simple moving average of $118.28 and a 200-day simple moving average of $118.87. Prologis has a 12-month low of $101.11 and a 12-month high of $137.52.

Prologis (NYSE:PLD) last announced its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $1.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.29). Prologis had a net margin of 39.08% and a return on equity of 5.34%. The firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.91 billion. During the same quarter in the prior year, the firm posted $1.30 earnings per share. The company’s revenue was up 6.9% on a year-over-year basis. Equities research analysts anticipate that Prologis will post 5.45 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLD. Swedbank AB raised its holdings in Prologis by 9.2% in the second quarter. Swedbank AB now owns 5,002,274 shares of the real estate investment trust’s stock worth $561,805,000 after buying an additional 420,687 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in Prologis by 36.1% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 162,990 shares of the real estate investment trust’s stock valued at $18,305,000 after purchasing an additional 43,235 shares during the last quarter. Sunflower Bank N.A. bought a new stake in shares of Prologis in the 3rd quarter worth $249,000. Abundance Wealth Counselors purchased a new position in shares of Prologis in the second quarter worth $973,000. Finally, Coronation Fund Managers Ltd. bought a new position in shares of Prologis during the second quarter valued at $878,000. Institutional investors own 93.50% of the company’s stock.

Prologis Company Profile

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At March 31, 2024, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.2 billion square feet (115 million square meters) in 19 countries.