In today’s briefing:
- HHH: NAV Reduction, PT to $110
HHH: NAV Reduction, PT to $110
- HHH held its annual investor day updating investors on the continued increase in population at its MPC, but that was not enough to offset the decline in NAV
- HHH’s management reiterated the trends that have fueled the business have continued with price per square foot and acre having increased over the past year.
- HHH is now estimating its NAV at $129 compared to $170 last year. We are lowering our price target to $110 from $150 to reflect the erosion in the NAV
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