In a report released today, Ronald Kamdem from Morgan Stanley maintained a Buy rating on Prologis, with a price target of $120.00.
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Ronald Kamdem has given his Buy rating due to a combination of factors including Prologis’s impressive financial performance and strategic guidance updates. The company’s second-quarter results exceeded expectations, with a notable increase in funds from operations (FFO) and a strong cash same-store net operating income (SS-NOI) growth. Additionally, Prologis demonstrated robust leasing spreads, which were significantly higher than anticipated, indicating strong demand and effective management.
Moreover, Prologis’s occupancy rates remained high, and the company raised its guidance for acquisitions, development, and strategic capital, signaling confidence in future growth. These positive indicators, combined with a solid operating performance, suggest a favorable outlook for the stock, justifying the Buy rating. Kamdem anticipates that these factors will lead to a positive reaction in the stock market, further supporting his recommendation.
In another report released today, Truist Financial also maintained a Buy rating on the stock with a $120.00 price target.