Hudson Pacific price target raised to $13 from $11 at BTIG

BTIG analyst Thomas Catherwood raised the firm’s price target on Hudson Pacific to $13 from $11 and keeps a Buy rating on the shares after the company amended its credit facility and agreed to sell One Westside to UCLA. Wednesday’s announcements should allow Hudson to further de-lever on an earnings-neutral basis, align debt covenants to reduce the overhang from covenant coverage concerns, and more aggressively pursue acquisitions in 2024, the analyst tells investors in a research note. The firm thinks the studio business, especially on the services side, “could be ripe for consolidation.” BTIG believes Hudson Pacific continues to execute on near-term catalysts.