12:35 PM EDT, 04/17/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We cut our target price by $21 to $128 on a forward P/FFO of 23.5x our '24 FFO estimate, a premium to industrial REIT peers (19.1x) due to PLD's scale advantage and robust balance sheet. We lower our '24 FFO estimate by $0.05 to $5.46 and trim '25's by $0.08 to $6.23. PLD reported Q1 24 FFO of $1.28 vs. $1.22, in line with consensus as management lowered '24 FFO guidance by 1%. Rental revenues rose 11% Y/Y as PLD continues to benefit from robust cash rental rate growth, coming in at 37.3% in Q1. Net effective mark-to-market rents within the portfolio remain elevated at 50%. Same-store NOI growth slowed to 5.7% Y/Y, robust by historical standards, but down 570 bps Y/Y and 280 bps Q/Q as average occupancy dropped to 96.8% vs. 98.0% Y/Y and 97.1% Q/Q. Weaker growth and occupancy is being driven by near record new supply, while the leasing environment remains off peak levels due to higher rates and slower e-commerce growth. Supply headwinds should start to fade in 2H 24, helping drive stronger growth in '25.