Hudson Pacific gains after BMO upgrades stock to 'outperform'

Hudson Pacific Properties

20/09/2023 13:11

*Shares of office Real estate investment trust Hudson
Pacific Properties  HPP.N  rise 3.5% to $6.98 premarket after
BMO Capital Markets upgrades stock
    ** Brokerage upgrades HPP to "outperform" from "market
perform", raises PT to $10 from $7, representing an upside of
48.4% to the stock's last close 
    ** Sees co's negative catalysts - ongoing Hollywood strike
and dividend suspension to reverse by first-quarter of FY24
    ** BMO estimates co's earnings to grow in FY24 by over 25%,
driven by a recovery in its three studio properties after the
Hollywood strike is resolved 
    ** Says HPP well-positioned to benefit from continued AI
demand and hiring in West Coast markets like San Francisco and
San Mateo
    ** Of the 12 analysts covering co's stock, 2 say "buy", 8
say "hold" and 2 say "sell"; median PT stands at $6 - LSEG data
    ** HPP down 30.7% YTD until last close 

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))