-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
We lift our 12-month target price by $16 to $164, based on a 26.3x 2026 forward P/FFO multiple vs the three-year average of 21.2x. We raise our 2026 FFO view by $0.06 to $6.24 and leave 2027's unchanged at $6.63. Management noted the leasing pipeline is improving in core industrial properties, while PLD's new data center acceleration continues. The high growth of global data centers has even spurred further industrial property demand from data center suppliers during the quarter. Net-effective rent growth slowed in the quarter. Management attributed this largely to mix, with a greater amount of West Coast expirations; this area continues to see weaker growth than Sunbelt markets. Elevated oil prices create uncertainty for decision makers, in management's view, but it has seen no slowdown in leasing since the U.S.-Iran conflict started. PLD's 5.6GW data center pipeline requires $15B in investments, with margins in the 25%-45% range. We think this will drive margins structurally higher in the long term.