UPDATE: Compass Point Raises Howard Hughes' PT

According to a research report published this morning, Compass Point has increased Howard Hughes'

PT from $75 to $77. Compass Point commented in the report, "HHC reported in line NOI for 1Q12, better than expected land sales at Summerlin, and impressive results from The Woodlands Resort & Conference Center. Our increased price target is based on incrementally more value at the Resort, an uptick in the present value of the company's development pipeline as specific projects come into focus, and slightly lower net debt. We found no negative surprises in the quarterly results apart from seasonality in property-specific NOI, and continue to wait for further details on specific plans at South Street Seaport and Ala Moana (above all others)." Compass Point maintains its Buy rating on Howard Hughes, which closed yesterday at $62.42.