Sandler O'Neill & Partners LP analyst initiated coverage of HowardHughes Corp. with a rating of "hold," and a price targetof $123.

Theanalyst wrote in a research report: "While HHC was originally perceived asa collection of cast-away assets following the bankruptcy of GGP, the companyhas honed and morphed its business model into three integrated business linesto create significant value but given the current valuation and late stage ofthis economic cycle, we are initiating with a HOLD rating."