Barclays Maintains an 'Overweight' on Hudson Pacific Properties (HPP); Fundamentals/Acquisitions on Schedule
Tweet
Share
E-mailGet Alerts HPP Hot Sheet
Price: $13.90 --0%
Rating Summary:
8 Buy, 14 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 16 | New: 19
Rating Summary:
8 Buy, 14 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 16 | New: 19
Join SI Premium – FREE
Barclays maintains an 'Overweight' on Hudson Pacific Properties (NYSE: HPP) price target of $16.00.
Barclays analyst says, "Key Takeaway: Third-quarter earnings were essentially in line and the most significant items behind management's increased FY2011 FFO guidance (a few specific acquisitions) were already included in estimates and priced into the stock. Management did not identify any specific acquisitions beyond 6922 Hollywood Boulevard, which is expected to close this month, but the company's recent track record provides some comfort that 2012 will bring more deals for HPP. Further, recent acquisitions continue to outperform original underwriting and fundamentals appear to be improving in the company's markets, particularly for the type of tech and social media tenants that HPP targets. We think there is upside to the stock, which continues to trade at a material discount relative to its peers, as the company continues to execute deals in its largely off-market pipeline."
"We are maintaining our FY2011 FFO estimate of $1.05ps and lowering our 2012 estimate slightly to $1.13 from $1.15. We project 7% average annual operating FFO growth from 2011-2016 and 8% average annual CAD growth."
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 $12.74 yesterday.
Barclays analyst says, "Key Takeaway: Third-quarter earnings were essentially in line and the most significant items behind management's increased FY2011 FFO guidance (a few specific acquisitions) were already included in estimates and priced into the stock. Management did not identify any specific acquisitions beyond 6922 Hollywood Boulevard, which is expected to close this month, but the company's recent track record provides some comfort that 2012 will bring more deals for HPP. Further, recent acquisitions continue to outperform original underwriting and fundamentals appear to be improving in the company's markets, particularly for the type of tech and social media tenants that HPP targets. We think there is upside to the stock, which continues to trade at a material discount relative to its peers, as the company continues to execute deals in its largely off-market pipeline."
"We are maintaining our FY2011 FFO estimate of $1.05ps and lowering our 2012 estimate slightly to $1.13 from $1.15. We project 7% average annual operating FFO growth from 2011-2016 and 8% average annual CAD growth."
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 $12.74 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- L3Harris CEO steps down amid conduct review, shares drop
- Analog Devices (ADI) Reiterated at Overweight by Cantor Fitzgerald: Beat and Raise Expected
- DA Davidson Reiterates Neutral Rating on Brunswick Corp (BC)
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Barclays, EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
