KBW Reiterates Outperform on Forest City Enterprises

KBW is out with its report today on Forest City Enterprises (NYSE: FCE.A), reiterating Outperform.

In a note to clients, KBW writes, "Forest City announced yesterday the partial equity interest sales (via mezz debt for equity swaps) for 2 multifamily assets on behalf of NEBF - its partner in 8 Spruce. Transactions reduce debt for Forest City and shine a light on embedded value of development pipeline that is not currently reflected in shares. Very positive development - that proved less obvious from yesterday's release and more apparent after more careful analysis. Reiterate Outperform."

KBW maintains a $23 PT on FCE.A.

Shares of FCE.A closed Tuesday at $18.80, down 0.53% from Friday's close.