Scotiabank lifts Prologis's PT on $4 bln data center boost

Scotiabank raises PT for warehouse-focused REIT Prologis PLD.N to $127 from $114, while keeping the stock's rating at "sector perform"

Revised PT represents about 0.5% upside to stock's last close

Brokerage expects PLD's data center to add about $4.1 bln to the co's value over the next seven years

Brokerage also assumes $21 bln of spend over the next seven years with 40% margins and a two-year build period

Lowers NAV cap rate by 25bps to 5.25% on strong leasing momentum and near-term rent growth potential

Seventeen of 26 brokerages rate the stock "buy" or higher and 9 "hold"; their median PT is $131; according to data compiled by LSEG

As of last close, shares up 19.6% YTD