BTIG analyst Tom Catherwood maintained a Buy rating on Hudson Pacific Properties (HPP – Research Report) today and set a price target of $13.00.
Tom Catherwood has given his Buy rating for Hudson Pacific Properties based on a multifaceted assessment of the company’s financial results and business prospects. Despite a slight miss in fourth-quarter FFO and increased studio expenses and G&A, Catherwood recognizes key catalysts that have significantly benefited the stock, such as the monetization of retained bonds, an amended credit facility, and the sale of One Westside. These factors contributed to a substantial uptick in the company’s stock performance, suggesting a deeper value than surface-level earnings might indicate.
Furthermore, the analyst has posed important questions regarding occupancy trends, leasing activity, and elevated expenses that are believed to be temporary and related to employee retention as the company recovers post-strike. The impairment recorded might reflect the company’s strategic disposition plans. Additionally, Catherwood notes the importance of GitHub’s surprising renewal of its full-building lease, which counters the prevailing narrative about remote work and signals potential resilience in tech office demand. These elements, combined with a review of the company’s forward guidance and NOI variance, form the basis for the Buy recommendation.
According to TipRanks, Catherwood is an analyst with an average return of -2.7% and a 48.70% success rate. Catherwood covers the Real Estate sector, focusing on stocks such as SL Green Realty, Prologis, and Douglas Emmett.
In another report released today, Piper Sandler also assigned a Buy rating to the stock with a $11.00 price target.
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Hudson Pacific Properties (HPP) Company Description:
Hudson Pacific Properties, Inc. is a real estate company. It owns, operates, develops and acquires office, media, and entertainment properties. The company operates through two segments: Office Properties and Studio Properties. The Office Properties segment manages office properties located in California and Pacific Northwest. The Studio Properties segment primarily used for the physical production of media content, such as television programs, feature films, commercials, music videos and photographs. Hudson Pacific Properties was founded by Victor J. Coleman on November 9, 2009 and is headquartered in Los Angeles, CA.
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