Scotiabank downgraded Prologis Property Mexico to Sector Perform from Outperform with a price target of MXN 81, up from MXN 74. Structural trends support a bullish case for a re-rating of industrial real estate players in Mexico due to structurally tighter markets that creates upside risk to rent growth, the analyst tells investors in a research note. The firm sees upside risks to the re-rating and says the sector’s outperformance is likely to continue. However, after the sector’s strong rally, Scotiabank believes it is time to make some changes to ratings.
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