Wells Fargo upgraded Hudson Pacific (HPP) to Equal Weight from Underweight with an unchanged price target of $4. Hudson is repairing its balance sheet while moving past large expirations with studio performance also set to recover, the analyst tells investors in a research note. The firm says the company’s pathway to growth, without violating covenants, looks achievable following recent covenant modifications along with a more manageable expiration schedule. Wells sees any improvement as “good enough” at these valuation levels and potential for “substantial” share upside.
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