Hudson Pacific downgraded to Market Perform from Outperform at BMO Capital

BMO Capital downgraded Hudson Pacific to Market Perform from Outperform with a price target of $6, down from $8. Despite underperforming, the firm sees the shares remaining pressured as long as Hollywood production remains muted, office vacancies mount, and Hudson Pacific’s earnings disappoint. Despite improved leasing in fiscal Q3, the company’s occupancy has continued to slide, which will further pressure margins, the analyst tells investors in a research note. BMO says Hollywood production “has disappointingly not recovered as expected.”