Why Prologis Stock Was a Winner on Thursday
On the back of a solid quarterly earnings report at the start of the week, the upward momentum of Prologis (NYSE: PLD) stock continued through Thursday's trading session. This was helped by a price target raise by one of the analysts tracking the big real estate company; as a result, Prologis's share price closed the day 3% higher. That easily eclipsed the 0.5% increase of the benchmark S&P 500 (SNPINDEX: ^GSPC).
Prologis, which functions as a real estate investment trust (REIT), reported its fourth-quarter figures before the market open Monday. Happily for the company and its investors, it convincingly beat the consensus analyst estimates on both the top and bottom lines. And growth was strong, with core funds from operations (FFO, widely considered to be the most important profitability line item for REITs) rising by a sturdy 10% year over year.
That performance was good enough to inspire several analyst updates. The one that was published after hours Tuesday was authored by Evercore ISI's Steve Sakwa, who raised his price target to $115 per share from his previous $111. Despite the shift, Sakwa left his in-line (read: neutral or hold) recommendation on the stock intact.
Source Fool.com
