Raymond James analyst Jonathan Hughes downgraded Prologis (PLD) to Market Perform from Outperform without a price target The firm cites valuation for the downgrade following the stock’s recent outperformance after the “solid” Q4 results and “mixed” initial 2025 guidance. Investor expectations are now higher following bullish industrial demand commentary from management, and expectations :may have been reset too high,” the analyst tells investors in a research note. Raymond James says Prologis’ valuation spread versus peers is now near all-time highs while it expects the company’s future earnings growth will continue to lag the group.
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