BofA raised the firm’s price target on Prologis (PLD) to $153 from $147 and keeps a Buy rating on the shares. Prologis is the best performing Industrial REIT since its Q4 earnings, but underperformed last week on macro concerns, the analyst noted. The firm sees this pullback as a buying opportunity as it believes “we are in the early stages of the next cycle,” with vacancy at or near the peak and market rents beginning to inflect, the analyst tells investors.
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