** Shares of warehouse-focused real estate investment trust Prologis PLD.N up 1.1% at about $132 premarket

** Scotiabank upgrades PLD to "sector outperform" from "sector perform", raises PT to $146 from $133

** New PT represents 12.1% upside to stock's last close

** Scotiabank says it expects better occupancy and strong growth in funds from operations for co, which should support higher valuations

** Adds continued leasing strength in industrial properties and limited new supply are likely to keep occupancy levels healthy through the next two years

** Brokerage raises its estimates for 2026 FFO per share to $6.11 from $6.08

** Seventeen of 25 brokerages rate the stock "buy" or higher and eight "hold"; their median PT is $136.50 - data compiled by LSEG

** PLD rose ~20.8% in 2025

(Reporting by Apratim Sarkar in Bengaluru)

((Apratim.Sarkar@thomsonreuters.com))