Hudson Pacific upgraded to Buy from Neutral at BTIG

BTIG analyst Thomas Catherwood upgraded Hudson Pacific Properties to Buy from Neutral with an $11 price target. The analyst is “incrementally more positive” on improved office demand in Hudson Pacific’s West Coast markets. The firm believes the agreement between the Writers Guild of America and the Alliance of Motion Picture and Television Producers provides a blueprint for the resolution of the ongoing actors’ strike, which should drive a recovery in demand for Hudson Pacific’s studio business. Additionally, recent asset sales have come in ahead of internal valuations and provide a pathway for the company to address maturing debt between now and the end of 2027, the analyst tells investors in a research note.