Evercore ISI Cuts Prologis (NYSE:PLD) Price Target to $123.00

Prologis (NYSE:PLD) had its target price decreased by research analysts at Evercore ISI from $136.00 to $123.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s target price points to a potential upside of 17.43% from the company’s current price.

PLD has been the topic of a number of other research reports. Robert W. Baird lifted their target price on Prologis from $133.00 to $137.00 and gave the company a “neutral” rating in a research report on Tuesday, January 23rd. Morgan Stanley lifted their target price on Prologis from $128.00 to $141.00 and gave the company an “overweight” rating in a research report on Wednesday, January 24th. TheStreet upgraded Prologis from a “c+” rating to a “b-” rating in a research report on Friday, January 26th. Mizuho reiterated a “neutral” rating and issued a $130.00 target price on shares of Prologis in a research report on Tuesday, April 2nd. Finally, Barclays decreased their target price on Prologis from $141.00 to $135.00 and set an “overweight” rating on the stock in a research report on Wednesday. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Prologis has a consensus rating of “Moderate Buy” and an average target price of $140.40.

Prologis Stock Performance

Shares of PLD traded down $1.75 during midday trading on Thursday, reaching $104.74. 2,451,267 shares of the stock were exchanged, compared to its average volume of 3,342,124. Prologis has a twelve month low of $96.64 and a twelve month high of $137.52. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.50. The company has a market cap of $96.89 billion, a P/E ratio of 31.87, a PEG ratio of 2.29 and a beta of 1.00. The stock’s 50 day simple moving average is $128.99 and its 200 day simple moving average is $122.19.

Prologis (NYSE:PLD) last posted its quarterly earnings results on Wednesday, January 17th. The real estate investment trust reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.58). The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.85 billion. Prologis had a net margin of 38.13% and a return on equity of 5.29%. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period last year, the firm earned $1.24 EPS. On average, sell-side analysts expect that Prologis will post 5.5 earnings per share for the current year.

Hedge Funds Weigh In On Prologis

Several institutional investors have recently added to or reduced their stakes in the business. BOKF NA lifted its stake in Prologis by 3.8% in the fourth quarter. BOKF NA now owns 2,125 shares of the real estate investment trust’s stock valued at $283,000 after buying an additional 77 shares during the period. CreativeOne Wealth LLC raised its position in shares of Prologis by 1.5% during the second quarter. CreativeOne Wealth LLC now owns 5,547 shares of the real estate investment trust’s stock worth $680,000 after purchasing an additional 82 shares during the period. SevenOneSeven Capital Management raised its position in shares of Prologis by 2.3% during the fourth quarter. SevenOneSeven Capital Management now owns 3,792 shares of the real estate investment trust’s stock worth $427,000 after purchasing an additional 86 shares during the period. Family Legacy Inc. raised its position in shares of Prologis by 0.5% during the fourth quarter. Family Legacy Inc. now owns 16,634 shares of the real estate investment trust’s stock worth $2,217,000 after purchasing an additional 87 shares during the period. Finally, Lockerman Financial Group Inc. raised its position in shares of Prologis by 2.0% during the fourth quarter. Lockerman Financial Group Inc. now owns 4,402 shares of the real estate investment trust’s stock worth $587,000 after purchasing an additional 87 shares during the period. 93.50% of the stock is owned by institutional investors and hedge funds.

About Prologis

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At December 31, 2023, 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.