Howard Hughes' New Condo Openings Support This Analyst's Bullish View, Mammoth Upside

Howard Hughes' New Condo Openings Support This Analyst's Bullish View, Mammoth Upside
  • BWS Financial analyst Hamed Khorsand reiterated a Buy rating on the shares of Howard Hughes Corp HHC with a price target of $150.
  • The analyst noted that the company's opening of the 565-unit Ward Village development puts HHC on pace to meet 2022 condo sales guidance of $650 million to $700 million.
  • Howard Hughes had been forecasting the opening of the new tower at Ward Village since last year with the expectation they would be able to open one tower a year over the next four years.
  • The opening will result in the company recognizing revenue from the sale of each unit within the tower.
  • The opening of Ko'ula affirms Khorsand's outlook for the year, where HHC is able to grow funds from operation (FFO) to continue reinvesting in its master-planned communities (MPC) and buying back stock.
  • Victoria Place is the next tower in the timeline of openings at Ward Village. The tower is set to open in late 2023 and is already 100% sold out.
  • Price Action: HHC shares are trading lower by 1.42% at $64.70 on the last check Friday.
  • Photo Via Company

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