Zacks Investment Research upgraded shares of The St. Joe Company (JOE) from NEUTRAL to OUTPERFORM on July 02, 2012, with a target price of $19.00.
We have changed our long-term recommendation for St. Joe from Neutral to Outperform as we anticipate it to perform well above the broader market. St. Joe is currently in a defensive mode and continues to reduce capital expenditures through stringent cost-cutting measures and reduction in operating expenses. St. Joe is one of the largest real estate developers in Florida. The company is presently focusing on developing the adjacent area of the Panama-City Bay County Airport, which was opened in late 2010, to increase the future value of its holdings. However, St. Joe's business is primarily concentrated in Florida, which was one of the hardest hit states in the recession and had adversely affected its bottom line in the recent past, thereby undermining the future growth potential to some extent.
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