Highwoods Properties Inc. (HIW) PT Raised to $33 at Truist Securities

Truist Securities analyst Michael Lewis raised the price target on Highwoods Properties Inc. (NYSE: HIW) to $33.00 (from $29.00) while maintaining a Buy rating.

The analyst comments "We are reducing our FFO estimates for 2H24 and FY25, mostly due to lower capitalized interest and slightly more conservative leasing assumptions. That said, we are raising our price target to $33 from $29 as we expect an occupancy/earnings inflection for HIW early next year, and likely Fed interest rate cuts should further help funding costs (HIW’s 10-year bonds issued/priced at 7.8% in November now trade at 6.3%), real estate values and stock multiples. HIW is up 33% YTD versus 1% for the VNQ, but it still trades at a discounted 8.6x 2024E FFO multiple and 9.2% implied cap rate."

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