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St. Joe Co. - Joe
While operations continue to deteriorate, the company is currently focused on maintaining liquidity and cutting expenses. In addition, St. Joe Co. (JOE - Analyst Report) has repaid most of its long-term debt and has sufficient cash reserves to get through the residential real estate slump.
However, there are no signs that the housing situation will get better in the next 6 months and the worst could be yet to come.
Near-term, we would stay away from companies with exposure to the residential building business. While we think the company could be a good long-term investment, we maintain our near-term Sell recommendation.
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| Market Summary | Nov 26, 2009 08:41 am ET |
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