Hudson Pacific downgraded to Hold from Buy at Jefferies

Jefferies downgraded Hudson Pacific (HPP) to Hold from Buy with a price target of $5, down from $5.50. The firm says that while studio production is likely bottoming, content producer shifts remain a headwind, and its recent conversations with the company suggest a “cautious” Q4 outlook. With 2025 Studio net operating income forecasts at $88M when Jefferies upgraded the shares versus $36M now, and a tougher than expected recovery in Office, an occupancy inflection for Hudson Pacific is pushed out to 2026, the analyst tells investors in a research note.