Forestar Group initiated with an Outperform at Citizens JMP

Citizens JMP analyst Aaron Hecht initiated coverage of Forestar Group (FOR) with an Outperform rating and $30 price target The firm says Forestar is the largest pure-play residential development company in the U.S. The Street is not appreciating the upside potential in the shares, the analyst tells investors in a research note. Citizens believes now is an opportune time to have exposure to land developers as the industry is benefiting from a positive mix-shift toward off-balance sheet land financing.