BofA upgrades Prologis rating to 'buy', lifts PT

BofA upgrades rating on shares of industrial REIT Prologis PLD.N to "buy" from "neutral"

Rating raised citing better occupancy trajectory, development lease-up and operating margins, compared with the brokerage's prior view

Lifts PT to $130 from $118, representing a 12% upside to the stock's last close

Expects PLD to convert pent-up demand before "Liberation Day" into signed leases, as tariff uncertainty slowly clears out and tenants begin to make decisions

"That conversion of new lease proposals into signed leases during 3Q is occurring at a better rates than during 2Q is a positive" - BofA

BofA says anticipated rate cuts "could spark interest from generalists including income investors in blue-chips like PLD"

16 of 24 brokerages rate the stock "buy" or higher, 7 "hold" and 1 "sell"; their median PT is $120 - LSEG compiled data

Including session gains, stock had risen ~8% YTD