Accessible version Log Commercial Properties Great model, demanding price, Downgrading to Underperform Rating Change: UNDERPERFORM | PO: 22.00 BRL | Price: 22.00 BRL Priced for volumes and rents LOG has yet to deliver We downgrade Log to Underperform and cut our PO to R$22/sh (from Buy and R$32/sh). We see LOG's model of building and selling assets as highly value-creative, but in our view the market is already pricing in too much. In our model, we assume: i) an average of ~360th sqm sold/year until 2030, a ...