Mizuho lowered the firm's price target on Hudson Pacific (HPP) to $3 from $5 and keeps a Neutral rating on the shares. The firm says that while the "easy money has been made" in 2024 for real estate investment stocks, it still sees "pockets of opportunity" in 2025. After materially outperforming the REIT group in 2024, office risk premiums appear rich, but absolute funds from operations multiples and cash yields appear fair, the analyst tells investors in a research note. Mizuho thinks geographic exposure and ultimately cash earnings growth "will be differentiators."