JPMorgan Downgrades Howard Hughes Holdings Inc. (HHH) from 'Overweight' to 'Neutral'; Reduces PT

With a significant presence in Bill Ackman’s stock portfolio, Howard Hughes Holdings Inc. (NYSE:HHH) secures a spot on our list of the Bill Ackman Stock Portfolio: Top 10 Stock Picks.

JPMorgan downgraded Howard Hughes Holdings Inc. (NYSE:HHH) from ‘Overweight’ to ‘Neutral’ on August 5, 2025, reducing its price target from $82 to $76. This comes despite the company’s strong and stable real estate operations. The analyst attributed the revision to reflect Q1 earnings and the finalized $900 million Pershing Square investment. Accordingly, the analyst reduced 2025 adjusted operating cash flow estimates to $6.18 per share and projected $7.77 for 2026. JPMorgan keeps a cautious stance on Howard Hughes Holdings Inc. (NYSE:HHH) despite its spot and forward net asset value per share at $94.20 and $112.61, respectively, which signal a significant discount. HHH remains attractively priced with a price-to-earnings multiple of 10.64x.

Operating through its Operating Assets, MPC, and Strategic Developments segments, Howard Hughes Holdings Inc. (NYSE:HHH) develops master planned communities (MPCs) in the U.S. Bill Ackman has bought 18.85 million shares of Howard Hughes Holdings Inc. (NYSE:HHH) as of Q1 2025.

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Disclosure: None.