Hudson Pacific upgraded to Outperform from Market Perform at BMO Capital

BMO Capital upgraded Hudson Pacific Properties to Outperform from Market Perform with a price target of $10, up from $7. The analyst estimates the shares trade at a discounted 8.3% implied cap rate. Hudson Pacific’s negative catalysts of the Hollywood strike and dividend suspension have already occurred, and will likely reverse by Q1 of 2024, the analyst tells investors in a research note.the analyst tells investors in a research note. Assuming the strike concludes by the end of 2023, BMO estimates the company will deliver 25.3% core funds from operations growth in 2024.