Morgan Stanley analyst Ronald Kamdem downgraded Hudson Pacific to Underweight from Equal Weight with a price target of $4.25, down from $6. The analyst cites expectations for further downside to consensus on the earnings and valuation fronts for the downgrade. The firm sees 20% downside to 2025 consensus funds from operations numbers and estimates the company as trading in line with West Coast office peers “sensitizing for key value drivers” such as Washington 1000 and Quixote. It says West Coast office headwinds are persisting.
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