BMO Capital downgraded Prologis ( PLD ) to Underperform from Market Perform with a price target of $104, down from $120. Prologis is a “world-class company with a moat business,” but its valuation screens expensive, the analyst tells investors in a research note. The firm says the company’s s embedded growth is set to moderate back to pre-COVID levels by 2026. Industrial leasing demand is down 56% year-over-year, and BMO does not see a near-term rebound with Amazon expanding modestly and shifting toward higher warehouse ownership. The Trump tariffs adds further uncertainty, the firm adds.

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