UPDATE: KeyBanc Downgrades Hudson Pacific Properties to Hold on Valuation

KeyBanc downgraded Hudson Pacific Properties, Inc.

from Buy to Hold. KeyBanc commented, "We are downgrading HPP to HOLD from BUY as the stock has reached our former $21/share price target. Despite the move to a neutral stance, we still expect the West Coast office trade will remain in place in 2013 given the outlook for continued demand for space and expected rent growth. The ongoing demand for office space in San Francisco should further benefit HPP in 2013 and help the lease-up effort at several value-add projects (e.g., Olympic & Bundy)." Hudson Pacific Properties closed at $20.69 on Wednesday.