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From a fundamental perspective, it’s easy to see why Prologis (PLD) has been a solid performer for much of this year. However, this resilience has largely gone to waste, with PLD stock now sitting at a pedestrian year-to-date performance of only 0.33%. It’s gotten so bad that the ticker ranks as a 72% Strong Sell by the Barchart Technical Opinion indicator.
The red ink might be an overreaction. As a logistics specialist with a growing data center business, Prologis seems armed for the long haul. Given this frame of mind, the roughly 8% decline in the trailing month for PLD stock might seem more like an opportunity for contrarianism. At the same time, it’s easy to see the other side of the argument — plenty of tech names haven’t lived up to the billing recently.
