RBC raises Prologis price target to $148, cites strong Q1 leasing

RBC Capital raised its Prologis price target to $148 from $135 after the industrial landlord posted stronger first-quarter leasing and higher earnings guidance. (ca.investing.com) Prologis reported first-quarter core funds from operations of $1.50 a share on April 16, up from $1.42 a year earlier, and said net earnings were $1.05 a share. (prologis.com) The company said it signed a record 64 million square feet of logistics leases in the quarter and commenced 66.7 million square feet across its operating and development portfolio. (prologis.com) Prologis also raised its 2026 core funds from operations outlook after what Chief Executive Daniel Letter called “strong execution and capital strength” despite geopolitical uncertainty. (prologis.com) The quarter mattered because Prologis is the largest listed owner of warehouses tied to e-commerce, retail replenishment and freight flows, making its leasing trends a read-through for industrial real estate demand. (prologis.com 1) (prologis.com 2) Company research published in February said U.S. logistics vacancies had fallen to 7.4% in late 2025, while leasing activity accelerated and new development starts dropped sharply from peak levels. (prologis.com) Prologis has also been pushing beyond warehouses. The company said first-quarter build-to-suit development starts included $1.3 billion tied to its data-center platform. (prologis.com) That followed a January update in which Prologis said it had expanded its data-center power pipeline to 5.7 gigawatts of capacity secured or in advanced procurement. (prologis.com) By late April, Wall Street’s average target on Prologis had moved into the high-$140s, with several firms also lifting estimates after the quarter. (www.marketbeat.com) (www.marketscreener.com) RBC’s new target puts Prologis near the top of its recent trading range and signals that record leasing, not just the data-center story, is driving the latest reset in expectations. (ca.investing.com) (prologis.com)