Hudson Pacific Properties

HPP · NYSE

$9.48+$0.46 (+5.10%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $9.02

HPP analyst rating

HoldConsensus of 10 analysts over the last 12 months. 30% rate it a buy.

Strong buy0
Buy3
Hold5
Underperform2
Sell0

12-month price target · 12 analysts

Average $17.34 (+82.9% upside)

Low: $9.09
Now: $9.48
High: $27.30

Upgrades and downgrades

The latest rating actions, newest first

HPP analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Piper Sandler	Oct 19, 2026	Downgrade	Overweight → Neutral	$15.00 → $13.00	44%
Piper Sandler	Oct 12, 2026	Maintains	Overweight	$18.00 → $15.00	44%
Wells Fargo	Sep 1, 2026	Maintains	Overweight	$14.00 → $17.00	42%
Citigroup	Aug 13, 2026	Maintains	Neutral	$13.00 → $15.00	44%
Cantor Fitzgerald	Aug 7, 2026	Maintains	Overweight	$14.00 → $17.00	55%
Piper Sandler	Aug 6, 2026	Upgrade	Neutral → Overweight	$16.00 → $18.00	44%
Morgan Stanley	Jul 22, 2026	Maintains	Underweight	$5.00 → $9.00	56%
Piper Sandler	Jul 21, 2026	Maintains	Neutral	$12.00 → $16.00	44%
Mizuho	Jul 21, 2026	Maintains	Neutral	$15.00 → $17.00	48%
B of A Securities	Jun 16, 2026	Downgrade	Neutral → Underperform	$14.00	100%

The case for and against

Updated Oct 17, 2026

Bull case

Hudson Pacific Properties is viewed favorably because a broad West Coast office rebound is translating into stronger leasing momentum, with management citing a 50/50 tech/non-tech mix and Seattle now showing the deepest pipeline. The company’s pipeline and occupancy trajectory are improving, highlighted by 2.3M SF of leasing pipeline, 700k SF of tour activity at Washington 1000 in 4Q25, and an expected 84.2% occupancy by YE ’26, a 790bps year-over-year gain. Supportive fundamentals are further reinforced by $200M to $300M of targeted asset sales in 2026, November’s $400M unsecured refinancing at 6.5%, and studio restructuring that has narrowed Quixote losses from -$18m to -$4m.

Bear case

Hudson Pacific Properties is weighed down by a mixed studio outlook that still faces structural uncertainty despite some near-term positives. While Quixote’s NY and LA focus could add $21 million to $27 million of annualized savings and LA filming activity improved, the business remains exposed to weak media demand, potential tenant churn, and competitive pressure from financially stressed studio operators and possible Netflix asset consolidation. The stock also trades at 9.7x 2026 FFO/sh and at a 61.4% discount to estimated NAV/sh, reflecting investor skepticism that demand in its core tech and entertainment markets will fully offset downside risks to rents and leasing volume.

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