Error creating new Forms project in VS 2013 and Xamarin Studio

Hopefully someone can tell me what I am missing here. I get the following error when I try to create a new Xamarin Forms (Portable) project:

"Specified argument was out of the range of valid values. Parameter name: supportedFrameworks"

I get the same error in VS 2013 and Xamarin Studio.

I also get an error if I try to use NuGet to add Xamarin.Forms after the project is created.

If I create the project on another machine I can build it on this machine.

Any ideas?

Thanks!