After four months of considering different options, Howard Hughes announced last night a leadership change and a new corporate structure, adding that it would seek to find buyers for its portfolio of non-core assets, BWS Financial analyst Vahid Khorsand tells investors in a research note. The stock in early trading is down 17%, or $22.38, to $106.00. The selloff has more to do with the shareholder mix consisting of speculators as to what would happen to Howard Hughes under the strategic process, says the analyst. Further, he believes the "added disappointment" is from Howard Hughes not having any asset sale to simultaneously announce with the conclusion of the review. Khorsand keeps a Buy rating on the stock with a $150 price target.