St. Joe Should Climb 25% - Barron's

Short sellers are betting Florida real-estate developer St. Joe (JOE) will continue to sag. They assume the Sunshine State's depressed real-estate market won't recover until at least 2010. This week's Barron's magazine notes some prominent value investors, who have recently taken big stakes in St. Joe, apparently disagree.<!--more-->

They argue St. Joe recently payed off all its outstanding debt and eliminated its dividend, putting it in "a great position to take advantage of the growth in the marketplace." An upcoming airport should boost tourism to the Gulf Coast of Florida, where it owns 700,000 acres.