Piper Sandler Reiterates Overweight Rating on Hudson Pacific Properties (HPP)

Piper Sandler analyst Alexander Goldfarb reiterated an Overweight rating and $7.00 price target on Hudson Pacific Properties (NYSE: HPP).

The analyst commented, "This week's IATSE announcement of a moratorium of understanding with the studios bodes well for a Hollywood resolution later this year, which would be a significant catalyst for HPP. Earlier this week, we toured HPP/BX's recently completed Sunset Glenoaks, just north of Burbank. It's the first new LA soundstage in over 30 years. Fitting of a Hollywood thriller, our meeting with HPP coincided with IATSE and Alliance of Motion Picture and Television Producers (AMPTP) announcing an MOU on the major issues, with ultimate resolution held off until the Teamsters achieve similar, whose contract expires in July. We see the IATSE news as a big positive, which HPP affirmed. With Hollywood production significantly curtailed for almost a year, both the studios and unions have financial motivations to return to normalcy. As for Sunset Glenoaks, HPP now offers the most modern, efficient independent facilities in Tinseltown."

For an analyst ratings summary and ratings history on Hudson Pacific Properties click here. For more ratings news on Hudson Pacific Properties click here.

Shares of Hudson Pacific Properties closed at $4.73 yesterday.

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