Analyst John Kim from BMO Capital maintained a Buy rating on Howard Hughes Holdings (HHH – Research Report) and decreased the price target to $80.00 from $85.00.
John Kim has given his Buy rating due to a combination of factors that highlight the strategic transformation of Howard Hughes Holdings. The company is transitioning from a land developer to a diversified holding entity, aiming to emulate the success of Berkshire Hathaway. This transformation is supported by Pershing Square’s increased ownership stake, which demonstrates confidence in HHH’s future prospects.
Furthermore, the revised fee structure, which includes a reduced annual base fee and a performance-based component, aligns the interests of the management with shareholders. This strategic shift, coupled with Pershing Square’s proven track record, provides a solid foundation for future growth, making HHH an attractive investment opportunity.
According to TipRanks, Kim is a 2-star analyst with an average return of 0.3% and a 48.43% success rate. Kim covers the Real Estate sector, focusing on stocks such as Vornado Realty, Eastgroup Properties, and Easterly Government Properties.
In another report released on April 28, J.P. Morgan also maintained a Buy rating on the stock with a $82.00 price target.