Highwoods Properties

HIW · NYSE

$29.20+$0.68 (+2.38%)TodayMarket closed · Oct 20, 4:28 PM ET

Prev close $28.52

HIW analyst rating

HoldConsensus of 5 analysts over the last 12 months. 0% rate it a buy.

Strong buy0
Buy0
Hold5
Underperform0
Sell0

12-month price target · 10 analysts

Average $32.98 (+12.9% upside)

Low: $30.30
Now: $29.20
High: $36.75

Upgrades and downgrades

The latest rating actions, newest first

HIW analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Wells Fargo	Sep 1, 2026	Maintains	Equal-Weight	$26.00 → $32.00	42%
Citigroup	Aug 4, 2026	Maintains	Neutral	$24.00 → $34.00	44%
Morgan Stanley	Jul 22, 2026	Maintains	Equal-Weight	$23.00 → $35.00	56%
Mizuho	Jul 21, 2026	Maintains	Neutral	$25.00 → $30.00	48%
Truist Securities	Jun 26, 2026	Maintains	Hold	$23.00 → $30.00	45%
Wells Fargo	Jun 1, 2026	Maintains	Equal-Weight	$24.00 → $26.00	42%
Morgan Stanley	Mar 31, 2026	Upgrade	Underweight → Equal-Weight	$24.00 → $23.00	56%
Truist Securities	Mar 17, 2026	Maintains	Hold	$29.00 → $23.00	45%
Mizuho	Feb 24, 2026	Maintains	Neutral	$30.00 → $25.00	48%
Wells Fargo	Feb 23, 2026	Maintains	Equal-Weight	$30.00 → $24.00	42%

The case for and against

Updated Feb 9, 2026

Bull case

Highwoods Properties Inc., a real estate investment trust specializing in the acquisition and management of office buildings largely in urban markets across the Southern United States, benefits from a strong tenant base that includes government agencies and leading firms in various sectors. The company anticipates slightly positive market rent growth in its primary markets, which is expected to yield single-digit positive average GAAP rent spreads in the coming quarters. Furthermore, the upward revision of the 2025 funds from operations (FFO) estimate to $3.42 per share, aligned with management's guidance, suggests a solid financial outlook for the company.

Bear case

Highwoods Properties Inc. is projected to experience a 5.4% decline in normalized Funds From Operations (FFO) in 2025, followed by only a modest recovery of 4.2% growth in 2026, reflecting ongoing challenges in its operating environment. Additionally, there are significant downside risks, including potential increases in interest rates and cap rates, which could lead to reduced investor demand and weakening fundamentals in the company’s key urban markets. The downward revision of the 2026 FFO estimate to $3.57 per share, falling below consensus expectations, further underscores the financial headwinds facing the company.

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