BWS Financial analyst Hamed Khorsandreiterated a Buy rating on the shares of Howard Hughes Corp 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.
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