KBW Has Outperform On Forest City Enterprises Inc.

KBW has an Outperform rating and a $23 price target on shares of Forest City Enterprises Inc. (NYSE: FCE-A).

In a note to clients, KBW writes, "Forest City reported Q1 just prior to NAREIT conference. We are updating estimates and PT - and reiterate Outperform rating on FCEA post update meeting with management. Favorable progress at 8 Spruce and Ridge Hill were key highlights for the quarter. An opportunistic asset sale of newly developed office building in DC - was a surprise - and demonstrates FCEA's value creation opportunity - from its development. Reiterate Outperform - FCEA remains our Top Pick."

Shares of FCEA lost 26 cents yesterday to close at $18.40, a loss of 1.4%.