On the bullish side, Bruce Berkowitz of Fairholme Capital (Fairholme Fund/$FAIRX) owns 29% of the company and is extremely bullish. He gave reasons why in a Morningstar interview on 5/29/2009. He said the new Northwest Florida Beaches International Airport (Southwest hub) will be the upside catalyst for the company and surrounding area. More from the Morningstar interview:
"Really this company should be more a liquidating trust. I think a private real estate family would love to get their hands on this company to keep them busy for 50, 75 years"
and he recently told Reuters via Business Insider
"if we were able, we would buy the whole company"
St. Joe articles and $JOE stock chart after the jump. Will it crack the downtrend line or proceed to 7 smackers?
$JOE (Saint Joe Company) - Courtesy of FreeStockCharts.com
Berkowitz Joins St. Joe (JOE) Board, Einhorn Skeptical of Any Potential Acquisition - Market Folly 12/17/2010
Report: Berkowitz Doesn’t Have Plans To Take St. Joe Private - Barron's 12/17/2010
The big hubbub over St. Joe Company - Fortune 12/17/2010
UPDATE 2-Fairholme leaders to join St. Joe board - Reuters 12/16/2010
As Einhorn And Berkowitz Spar, St. Joe CEO Says Assets Are Properly Valued - Forbes 11/10/2010
Berkowitz to Einhorn: 'Thank You' - TheStreet.com 10/15/2010
Bruce Berkowitz Responds To Einhorn: I Want To Buy You A Box Of Chocolates - Business Insider 10/15/2010
Don't Mess with Old St. Joe - Lonely Value Investor 10/16/2010
Bruce Berkowitz Buys St. Joe Company (JOE) Amidst Einhorn-Fueled Sell Off - Market Folly 10/15/2010
The head of Fairholme Capital added 135,600 shares of the real-estate firm after Einhorn's presentation - Barron's 10/14/2010 [Michael Gaiden, a Morningstar analyst has $50 target for St. Joe; Keefe, Bruyette & Woods analyst Sheila McGrath has $30 target]