Goldman Sachs upgraded Hudson Pacific Properties to Neutral from Sell with a price target of $6.25, up from $5.50. The analyst says a number of key negative catalysts have played out and the stock’s risk/reward now appears more favorably skewed. Goldman’s live-time leasing trackers show that Bay Area office leasing activity has inflected meaningfully in Q4, which could be beneficial to sentiment for Hudson Pacific, the analyst tells investors in a research note. In addition, the recent conclusion of the Hollywood studio strike provides strong visibility on a recovery in the company’s studio operating income in 2024, says the firm.
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