Jefferies analyst Jonathan Petersen say his sum-of-the-parts analysis yields a $165 per share value for Howard Hughes. The analyst estimates a sale of the company at a 10% discount implies 15% upside to Thursday's closing price. A spinoff of Howard Hughes' commercial rent-paying assets to a real estate investment trust "may also close the valuation gap," as the spin company would be easier to underwrite, Petersen tells investors in a research note. The analyst raised his price target for Howard Hughes to $151 from $145 after the company confirmed that it hiring an advisor to explore strategic alternatives. He keeps a Buy rating on the shares.