JPM cuts Howard Hughes PT on deep discount to net asset value

Howard Hughes Holdings

16/04/2024 13:45

** J.P. Morgan cuts PT on Howard Hughes Holdings Inc  HHH.N 
by $6 to $84 to reflect a significant discount to its net asset
value  
    ** Shares of real estate development and management company
up 3.21% at $63.59 in premarket trading
     ** Its lowered PT is still 36.4% higher than the stock's
Monday close
        ** Brokerage remains "overweight" on HHH, citing future
growth from commercial real estate development, housing demand,
and a significant discount to its NAV
        ** Lowers HHH's core FFO/share estimate for 2025 on
delayed condo closing, but notes strong sales progress in
Ritz-Carlton condo project 
    ** All four brokerages that cover the stock rate it "buy" or
higher with a median PT at $95 - LSEG data
    ** Stock down 28% so far this year

 (Reporting by Pratyush THakur)
 ((Pratyush.thakur@thomsonreuters.com))