UPDATE: Keefe Bruyette & Woods Raises Upgrades Colony Financial to Outperform

Keefe Bruyette & Woods has published a report on Colony Financial

upgrading the company to Outperform. In the report, Keefe Bruyette & Woods wrote, "The primary risk to the company's business model is credit risk since the company invests in assets that are exposed to deteriorating credit quality. However given the strong underwriting on new loans and distressed prices on legacy loans and securities, we believe that this risk is moderate." Keefe Bruyette & Woods upgraded Colony Financial from Market Perform to Outperform with a price target of $21.00. Colony Financial closed Tuesday at $16.09.