Zacks Investment Research downgraded shares of The St. Joe Company (JOE) from OUTPERFORM to NEUTRAL on September 03, 2012, with a target price of $20.00.
We are changing our long-term recommendation for St. Joe from Outperform to Neutral as we anticipate it to perform in line with 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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