The St. Joe Company Covered By Interactive Buyside Community with $12 Price Target
The analyst community of Interactive Buyside has issued a report on The St. Joe Company (JOE) with a $12 price target.
The independent analyst's thesis summary on the company is as follows:
"The St. Joe Company ("JOE") is a real estate development company in Northwest Florida whose operations had been hit hard in the 2008 downturn. JOE's stock price has recovered from its mid-teen lows it saw in early and mid 2012, as housing has experienced a broad recovery over the past 6 months throughout the U.S. and specifically Florida. Despite the stock's run-up to $22/share, JOE's overhyped asset base consists of secluded rural land in Northwest FL, undeveloped residential lots in vacant communities, and primarily empty commercial acreage that is dependent on the success of a relocated Panama City airport. As detailed in this report, we believe the market is currently baking in best case scenario, as the current stock price is not being justified even after assuming a relatively aggressive asset valuation of JOE's real estate holdings."
Full report accessible at www.InteractiveBuyside.com
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Source: Equity Brief via Thomson Reuters ONE
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