Bank of America Upgrades Prologis (NYSE:PLD) to Buy

Key Points

• Bank of America has upgraded Prologis (NYSE:PLD) from a "neutral" rating to a "buy" rating, setting a target price of $130.00, which implies a potential upside of 13.80% from its previous close.
• The stock currently has a consensus rating of "Moderate Buy" with an average price target of $122.58, supported by ratings from multiple equity analysts.
• Prologis reported quarterly earnings of $1.46 per share, beating estimates, and has set future EPS guidance for FY 2025 at 5.750-5.800.

Prologis (NYSE:PLD - Get Free Report) was upgraded by research analysts at Bank of America from a "neutral" rating to a "buy" rating in a note issued to investors on Tuesday, MarketBeat.com reports. The firm currently has a $130.00 target price on the real estate investment trust's stock. Bank of America's target price suggests a potential upside of 13.80% from the stock's previous close.

Several other equities analysts also recently commented on the company. Scotiabank set a $114.00 price objective on Prologis and gave the company a "sector perform" rating in a research report on Wednesday, August 27th. Wells Fargo & Company set a $137.00 target price on shares of Prologis and gave the stock an "overweight" rating in a report on Sunday, July 13th. Mizuho set a $118.00 target price on shares of Prologis and gave the stock an "outperform" rating in a research note on Tuesday, August 19th. Citigroup decreased their price objective on shares of Prologis from $150.00 to $140.00 and set a "buy" rating for the company in a research note on Wednesday, July 23rd. Finally, Barclays decreased their target price on shares of Prologis from $119.00 to $118.00 and set an "overweight" rating for the company in a research note on Monday. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $122.58.

Prologis Price Performance

Shares of NYSE:PLD opened at $114.24 on Tuesday. The firm's 50 day moving average price is $109.34 and its 200-day moving average price is $107.78. Prologis has a twelve month low of $85.35 and a twelve month high of $130.16. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $106.04 billion, a PE ratio of 30.96, a price-to-earnings-growth ratio of 2.89 and a beta of 1.26.

Prologis (NYSE:PLD - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The real estate investment trust reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.05. The business had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.03 billion. Prologis had a net margin of 40.29% and a return on equity of 5.96%. The company's revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.34 earnings per share. Prologis has set its FY 2025 guidance at 5.750-5.800 EPS. Equities research analysts expect that Prologis will post 5.73 EPS for the current year.

Insider Buying and Selling

In related news, Director Cristina Gabriela Bita sold 1,000 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $111.00, for a total transaction of $111,000.00. Following the completion of the sale, the director owned 9,829 shares of the company's stock, valued at approximately $1,091,019. This represents a 9.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Lori A. Palazzolo sold 25,000 shares of the stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $111.33, for a total transaction of $2,783,250.00. Following the completion of the sale, the chief accounting officer directly owned 414 shares of the company's stock, valued at $46,090.62. This trade represents a 98.37% decrease in their position. The disclosure for this sale can be found here. 0.57% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Prologis

A number of hedge funds have recently added to or reduced their stakes in the business. Activest Wealth Management lifted its stake in Prologis by 637.1% in the first quarter. Activest Wealth Management now owns 258 shares of the real estate investment trust's stock valued at $29,000 after buying an additional 223 shares during the last quarter. REAP Financial Group LLC lifted its stake in Prologis by 40.0% in the fourth quarter. REAP Financial Group LLC now owns 294 shares of the real estate investment trust's stock valued at $31,000 after buying an additional 84 shares during the last quarter. Pandora Wealth Inc. bought a new stake in Prologis in the first quarter valued at $34,000. GKV Capital Management Co. Inc. bought a new stake in Prologis in the first quarter valued at $34,000. Finally, Saudi Central Bank bought a new stake in Prologis in the first quarter valued at $41,000. Institutional investors and hedge funds own 93.50% of the company's stock.

About Prologis

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At March 31, 2024, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.2 billion square feet (115 million square meters) in 19 countries.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.