Hudson Pacific price target lowered to $2.40 from $2.50 at Jefferies

Jefferies lowered the firm’s price target on Hudson Pacific (HPP) to $2.40 from $2.50 and keeps a Hold rating on the shares. The firm adjusted ratings and targets in the real estate investment trust space following a transfer of coverage. Artificial intelligence is the key theme shaping future office demand, and REITs with exposure to traditional gateway markets present the most attractive risk/reward, the analyst tells investors in a research note. Jefferies believes gateway office markets like San Francisco, New York City, Seattle and Boston are capturing outsized growth from AI jobs.