UPDATE: Stifel Nicolaus Raises PT to $23 on Colony Financial on Equity Raise

Stifel Nicolaus reiterated Colony Financial (NYSE: CLNY} at Buy and raised the price target from $21.00 to $23.00. Stifel Nicolaus commented, "Colony Financial recently priced a 10 million share offering at $20.50, for gross proceeds of $205 million. With the shares trading above that level, we assume the 1.5 million “shoe” will be exercised, resulting in an 11.5 million share offering with $230 million in net proceeds. The company plans to use at least $45 million to purchase additional for-rent single family housing." Colony Financial closed at $21.25 on Tuesday.