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HHC

Howard Hughes

$120.00

27.36 (29.53%)

11:11
06/27/19
06/27
11:11
06/27/19
11:11

Howard Hughes announces review of strategic alternatives

In light of recent media speculation, The Howard Hughes Corporation confirmed that its board is conducting a broad review of potential strategic alternatives to maximize shareholder value. The board is "committed to exploring this review to best serve the interests of the company's shareholders." The board has retained Centerview Partners to assist in its strategic review. A broad range of options is being considered, the company said, "including a sale, joint venture or spin-off of a portion of the company's assets; a recapitalization of the company; changes in the corporate structure of the company; or a sale of the company." Howard Hughes CEO David Weinreb said, "Our business continues to perform extremely well across our three core segments, with price per acre of land sold, net operating income, and condo sales all exceeding our expectations; however, our stock continues to languish below its net asset value per share. The Board and management are determined to close the significant gap between our share price and the company's underlying net asset value. We look forward to reporting to shareholders on the results of our strategic review and will remain focused on executing our plans during this evaluation process." The company has not set a timetable for the conclusion of its review of strategic alternatives and will provide an update as appropriate.

HHC Howard Hughes
$120.00

27.36 (29.53%)

07/02/18
JEFF
07/02/18
INITIATION
Target $170
JEFF
Buy
Howard Hughes initiated with a Buy at Jefferies
Jefferies analyst Omotayo Okusanya started Howard Hughes with a Buy rating and $170 price target. The analyst believes the company's three main business segments, operating assets, master planned communities and strategic development, can drive meaningful net asset value and free cash flow growth in the coming years.
07/02/18
07/02/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Howard Hughes (HHC) initiated with a Buy at Jefferies. 2. Celyad (CYAD) initiated with a Buy at H.C. Wainwright. 3. Veoneer (VNE) initiated with a Sector Perform at RBC Capital. 4. Melinta Therapeutics (MLNT) initiated with an Overweight at Cantor Fitzgerald. 5. Axon (AAXN) initiated with an Overweight at Morgan Stanley. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/10/18
JEFF
08/10/18
NO CHANGE
Target $160
JEFF
Buy
Howard Hughes investment thesis remains intact, says Jefferies
Jefferies analyst Omotayo Okusanya says Howard Hughes' investment thesis remains intact despite the "soft" Q2 results. The post-earnings stock selloff "seems overdone" as the earnings miss was either timing related or due to one-off items, Okusanya tells investors in a research note. The analyst sees "strong longer-term growth given the strong pre-leasing in condo towers under development." He reiterates a Buy rating on Howard Hughes and reduced his price target for the shares to $160 from $170.
06/27/19
SBSH
06/27/19
NO CHANGE
Target $92
SBSH
Buy
Howard Hughes 'undervalued and not fully understood," says Citi
Howard Hughes "remains undervalued and not fully understood," Citi analyst Scott Schrier tells investors in a research note. The analyst sees the low $80s as a floor for the stock and he keeps a $160 price target for the shares. A 15% discount to net asset value would yield a $135 stock, making current levels a "compelling" entry point, says Schrier.

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