Howard Hughes price target lowered to $80 from $85 at BMO Capital

BMO Capital lowered the firm’s price target on Howard Hughes (HHH) to $80 from $85 but keeps an Outperform rating on the shares. Pershing Square has completed the first step of the company’s transformation from a unique but undervalued land developer into a diversified holding company, with the ambition of becoming the next Berskshire Hathaway, the analyst tells investors in a research note. BMO adds that it would have preferred to have seen Howard Hughes as a standalone MPC company post-spinoff of Seaport Entertainment, though it’s also positive on Pershing Square’s accomplished long-term track record and the company’s revised fee structure.