Keefe, Bruyette & Woods Upgrades Colony Financial, Inc. (CLNY) to Outperform; Valuation Call

Keefe, Bruyette & Woods upgraded Colony Financial, Inc. (NYSE: CLNY) to Outperform with a price target of $21.00.

KBW analyst says, "CLNY reported EPS of $0.25, in line with our estimate but down from $0.41 in 1Q11 driven by the lag in capital deployment from the 1Q offering. Book value fell to $18.38 from $18.45 (pro forma) in 1Q. We upgrade CLNY as the shares are now trading at 87% of GAAP book value and 81% of fair value. Our $21 price target equates to 1.1x book value."

For more ratings news on Colony Financial, Inc. click here and for the rating history of Colony Financial, Inc. click here.

Shares of Colony Financial, Inc. closed at $16.37 yesterday.

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