In a report released today, Mike Crawford from B.Riley FBR maintained a Buy rating on BBX Capital Corporation (NYSE: BBX), with a price target of $14. The company’s shares closed on Friday at $6.25, close to its 52-week low of $6.15.
Crawford wrote:
“We trim our Buy-rated BBX Capital (BBX) price target from $15 to $14 on lower estimates following the latter’s epicenter slamming into Florida’s panhandle within spitting distance of three Bluegreen Vacations (BXG) resorts in Panama City Beach. Meanwhile, BBX’s 90%-owned timeshare subsidiary has seen its BXG share price slide from a $26.22 high on 8/2 to $14.34 currently, equating to a $1.07B EV and $965M equity ownership position for BBX, the stake worth $9.80 per BBX share. We believe a lower mark for BXG, now trading around 7.3x EV/EBITDA, arguably should lead to a narrowed NAV discount for BBX given the potential for multiple expansion as well as opportunity for the BDC to proactively address valuation disparity via another tender, raised BXG dividend, or related means.”
According to TipRanks.com, Crawford is a 4-star analyst with an average return of 8.5% and a 58.2% success rate. Crawford covers the Consumer Goods sector, focusing on stocks such as CPI Aerostructures, Finjan Holdings, and Kratos Defense.
Currently, the analyst consensus on BBX Capital Corporation is a Moderate Buy with an average price target of $15.
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Based on BBX Capital Corporation’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $6.48 million. In comparison, last year the company had a net profit of $8.24 million.
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BBX Capital Corp. is a holding company, which engages in the real estate, real estate joint ventures, and middle market operating businesses. It operates through the following segments: Bluegreen, BBX Capital Real Estate, Renin, and BBX Sweet Holdings.
