Prologis (PLD)

Outperform Recap: Q1 2026

Record Leasing, Rents Inflect Positive for the First Time in 2.5 Years, and the Data-Center Engine Throttles Up — Maintaining Prologis at Outperform as the Multiple Goes Full

Outperform Recap: Q4 2025

The Inflection Completes and the Data-Center Fund Nears Formation, but the In-Line Print Draws a Yawn — Upgrading Prologis to Outperform

Hold Recap: Q3 2025

The Demand Dam Breaks and Data Centers Become a $15–60B Number — But the Multiple Re-Rates and 2026 Carries a Deployment Drag: Maintaining Prologis at Hold

Hold Recap: Q2 2025

Best-in-Class Operator, Beat-and-Raise Quarter — But the Demand Dam Holds and the Multiple Is Full: Initiating Prologis at Hold