Freedom Broker Upgrades Prologis to Buy, Cuts Price Target to $142

Freedom Broker upgraded Prologis to Buy from Hold while cutting its price target to $142 from $165, after a share decline left the industrial real estate investment trust below the broker’s revised target. The rating upgrade and target reduction moved in opposite directions. The lower share price was the reason for the Buy rating, even though the broker now assigns a lower target to the stock. Prologis shares rose 1.14% to $131.95 in premarket trading Oct. 15 after its third-quarter earnings exceeded expectations. That price was recorded before the rating change. Prologis posted third-quarter revenue of $2.39 billion, up 8.1% from a year earlier. Core funds from operations totaled $1.60 per share.

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