BUZZ-Prologis falls after brokerage downgrades to 'market perform'

Updates

Shares of real estate investment trust Prologis PLD.N fall 3.61% to $115 after brokerage Raymond James trims stock's rating to "market perform" from "outperform"

PLD beat Wall Street expectations for Q4 core funds from operations, helped by improving demand for its warehousing spaces and sale of a data center

Says investor expectations are now higher following bullish industrial demand commentary from management; says "those expectations may have been reset too high"

"We believe smaller industrial REIT peers offer similar fundamental performance, less complexity, and more upside potential" - brokerage

17 of 24 brokerages rate PLD "buy" or higher, 6 "hold" and one "sell"; their median PT is $141 - data compiled by LSEG

In 2024, stock fell 20.7%