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Exposure to the Los Angeles, San Francisco and Seattle rental markets combined with an expected continued rise in rent spread growth drive a compelling upside to shares of Hudson Pacific Properties Inc (NYSE:HPP), according to analysts at Wells Fargo.
The Analyst
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Blaine Heck of Wells Fargo upgraded HPP from Market Perform to Outperform and raised the stock’s target price from $37 to $40.
The Thesis
Underappreciated rent growth in profitable cities in recent years could drive high rent spreads through 2019, Heck said in a Friday note. (See the analyst's track record here.)
“We believe HPP will continue to show peer-leading rent spreads in 2018 and 2019 given continued market strength in SF, Seattle and LA," the analyst said.
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Hudson Pacific has six recently completed or under construction projects which are expected to contribute to the company’s funds from operations, Heck said. The REIT is now exploring further investment opportunities in the Los Angeles and Seattle markets, he said.
Additional drivers that were not factored into Wells Fargo’s analysis include expanded leasing operations in Silicon Valley and potential M&A activity, the research firm said.
Price Action
At the time of publication, shares of HPP were trading up 2.63 percent at $31.47.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.