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December 15, 2007

Goldman Sachs lowers rating on Forest City Enterprises, predicts arena construction within a year

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Atlantic Yards Report

Three months after RBC Capital Markets analyst Rich Moore nudged Forest City Enterprises (FCE) down from "outperform"--meaning better than its peers in the real estate sector--to the middle ranking of "sector perform," so yesterday did Goldman Sachs lower its ranking from "Buy" to "Neutral," though the analysts did not predict any further delays in the Atlantic Yards project nor consider AY a factor.

When I wrote October 25 about RBC's move, I noted that RBC rather dramatically cut its price estimate for Forest City (parent of Forest City Ratner) from $80 to $54, and that the current price was about $56. Yesterday, Forest City shares closed at $45.53. Then again, as the Yahoo chart above shows, the stock has done very well over five years.

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Posted by amy at December 15, 2007 9:22 AM