Compass Point Transers Coverage on Howard Hughes Corp (HHC) with a Buy

Compass Point transfers coverage on Howard Hughes Corp (NYSE: HHC) with a Buy rating and a price target of $200.00 (from $190.00).

Analyst Steve Shaw commented, "We are transferring coverage on shares of HHC with a Buy rating and a $200 Price Target (up from $190 previously) based on the unrealized value of its core assets and an abundance of cash. Over the past year HHC’s stock has declined 32% while oil prices have fallen 35%. We don’t think the market has given the company full credit for its key assets, namely the South Street Seaport, and feel the correlation to oil prices is unwarranted given the relative quality of HHC's most valuable Houston asset: The Woodlands. The firm also has plenty of cash following the sale of the Seaport District Assemblage. We anticipate that this cash will be put towards acquisitions or future developments to avoid reliance on capital markets."

For an analyst ratings summary and ratings history on Howard Hughes Corp click here. For more ratings news on Howard Hughes Corp click here.

Shares of Howard Hughes Corp closed at $102.90 yesterday.

You May Also Be Interested In

• Boston Scientific (BSX) PT Raised to $83 at Stifel
• Equifax (EFX) PT Lowered to $263 at Citi
• Equity Residential (EQR) PT Raised to $70 at Evercore ISI