Barclays Maintains an 'Overweight' on Hudson Pacific Properties (HPP); Acquisitions More Impactful Than Earnings Results

Barclays maintains an 'Overweight' on Hudson Pacific Properties (NYSE: HPP) price target raised $1 to $18.

Analyst, Ross L. Smotrich, said, "FFO ($0.26) was $0.02 above our 1Q12 estimate, but more impactful news came this past Monday. HPP announced two value-add acquisitions expected to close within the next few months (one in San Francisco and one in Los Angeles), for an aggregate of $179 million."

Smotrich lowers FY12 FFO from $1.00 to $0.86 and FY13 from $1.26 to $1.06. However, he says the stock is still compelling, even though a portion of HPP's value is at the expense of n-t earnings dillution.

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 $15.20 yesterday.

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