Piper Sandler upgraded Hudson Pacific to Overweight from Neutral with a price target of $9, up from $6. The shares are “too cheap to ignore,” the analyst tells investors in a research note. The firm cites valuation and the presumed resolution of the Hollywood strike later this year for the upgrade. The latter should drive a rebound in studio net operating income next year, while Hudson Pacific’s leasing and debt needs for 2024 ease versus 2023, says Piper.
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