Prologis posts mixed results – the stock is down

Prologis Inc. (NYSE: PLD) announced reported its latest financial results before the market open in the US on Wednesday.

The largest real estate company in the US reported revenue of $1.756 billion for Q4 of 2023. Revenue missed analyst estimate of $1.85 billion.

Earnings per share (EPS) reported at $0.68 per share, above $0.588 per share expected.

Company overview

• Founded: 1983
• Headquarters: San Francisco, California, United States
• Number of employees: 2,466 (2022)
• Industry: Real estate

Key people: Hamid Moghadam (Chairman and CEO), Dan Letter (President), Gary Anderson (COO), Tim Arndt (CFO)

CEO commentary

“We closed 2023 adding another year of exceptional performance. I couldn’t be more proud of our team,” CEO of the company, Hamid Moghadam said in a press release to investors.
Moghadam also highlighted challenges for the company for the year ahead: “While uncertainties remain in the economic and geopolitical environment, we are positive about the outlook for 2024. We remain focused on executing the strategy outlined at our recent Investor Forum to drive significant value from our global scale and continue to be a best-in-class partner to our customers.”

Stock reaction

The stock was down by over 2% on Wednesday, trading at $126.86 a share – the lowest level since 12/12/2023.

Stock performance

• 5 day: -5.01%
• 1 month: -2.77%
• 3 months: +21.54%
• Year-to-date: -4.83%
• 1 year: +3.43%

Prologis stock price targets

• Mizuho: $130
• JP Morgan: $148
• Scotiabank: $143
• Truist Financial: $120
• Stifel Nicolaus: $130
• Raymond James: $130
• Barclays: $153
• Evercore ISI: $125
• BNP Paribas: $141
• Morgan Stanley: $128
• UBS Group: $144
• Goldmans Sachs: $170
• BMO Capital Markets: $145

Prologis Inc. is the 118th largest company in the world with a market cap of $117.21 billion.

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Sources: Prologis Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap