BMO Capital lowered the firm’s price target on Hudson Pacific (HPP) to $3.50 from $4 and keeps an Outperform rating on the shares. The firm is adjusting its model after the company priced a $600M equity offering anchored by Cohen & Steers while also noting that Hudson’s “significantly reduced” G&A was overdue. The transaction was “highly dilutive” but also reduces the company’s insolvency risks, the analyst tells investors in a research note.
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