- BWS Financial analyst Hamed Khorsand reiterated a Buy rating on the shares of Howard Hughes Corp (NYSE:HHC) with a price target of $150.
- The analyst noted that the company’s opening of the 565-unit Ward Village development puts HHC on pace to meet 2022 condo sales guidance of $650 million to $700 million.
- Howard Hughes had been forecasting the opening of the new tower at Ward Village since last year with the expectation they would be able to open one tower a year over the next four years.
- The opening will result in the company recognizing revenue from the sale of each unit within the tower.
- The opening of Ko’ula affirms Khorsand’s outlook for the year, where HHC is able to grow funds from operation (FFO) to continue reinvesting in its master-planned communities (MPC) and buying back stock.
- Victoria Place is the next tower in the timeline of openings at Ward Village. The tower is set to open in late 2023 and is already 100% sold out.
- Price Action: HHC shares are trading lower by 1.42% at $64.70 on the last check Friday.
- Photo Via Company
Volatility In Markets Subsides Further Following Upbeat Earnings From Apple, Amazon
U.S. stocks settled sharply higher for a second day, with the Dow Jones jumping more than 300 points on Thursday.
Data released Thursday showed a quarterly contraction in the US economy, which shrank an annualized 0.9% on quarter during the second quarter. The news increased speculation that the Fed might not continue with aggressive rate hikes.
