BTIG lowered the firm’s price target on Hudson Pacific (HPP) to $4.75 from $8 but keeps a Buy rating on the shares. The company’s recapitalization accelerates the timeline for balance sheet and earnings stability, the analyst tells investors in a research note. The debt markets immediately recognized the balance sheet enhancement as yield-to-maturity for the company’s 2030 unsecured bonds improved from 11.1% on June 11 to 8.0%, the firm added.
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