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KeyBanc Maintains a 'Buy' on Hudson Pacific Properties (HPP); West Coast Is The Best Coast?

June 21, 2012 11:11 AM EDT Send to a Friend
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Price: $22.91 --0%

Rating Summary:
    3 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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KeyBanc maintains a 'Buy' on Hudson Pacific Properties (NYSE: HPP) price target of $18.00 (from $17.00).

Analyst, Jordan Sadler, said, "Among the West Coast-focused office REITs, HPP’s portfolio offers the best means to gain exposure to the region, particularly the SOMA submarket...The stock has significantly outperformed the office group and broader REIT sector since the offering. While the valuation gap relative to Kilroy (NYSE: KRC) and Douglas Emmett (NYSE: DEI) has narrowed, we continue to view HPP as attractively priced at a 7% implied cap rate. Consequently, we are raising our price target...We view the discount as warranted given HPP’s small cap status and the need for the Company to grow through acquisitions, which will likely result in future equity issuance."

FY12 EPS estimate cut from $1.08 to $0.87 and FY13 from $1.14 to $0.96.

For an analyst ratings summary and ratings history on Hudson Pacific Properties click here. For more ratings news on Hudson Pacific Properties click here.

Shares of Hudson Pacific Properties closed at $16.51 yesterday.




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