Prologis Inc.PLD Prologis Inc. fair value $83–$116

Prologis is a best-in-class industrial REIT with a massive global footprint, well-positioned to benefit from long-term secular tailwinds in e-commerce and supply chain optimization. However, shares are currently priced for absolute perfection, embedding an aggressive 11.5% long-term growth rate completely untethered from physical asset realities.

• Global scale in critical logistics
  Global scale in critical logistics hubs.
• High barriers to entry in
  High barriers to entry in tier-1 urban infill markets.
• Cycle upside
  E-commerce penetration re-accelerates, driving structural demand for modern logistics space.