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Strategies & Market Trends : Bluegreen Corporation (BXG)

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From: JakeStraw	1/6/2005 8:26:28 AM
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Bluegreen Corp. Shares Drop on Downgrade biz.yahoo.com Associated Press Wednesday January 5, 3:49 pm ET Bluegreen Corp. Stock Falls After Oppenheimer Issues Downgrade on Valuation Concerns BOCA RATON, Fla. (AP) -- Shares of Bluegreen Corp. fell as much as 13 percent Wednesday following a downgrade from an analyst who expression concerns about valuation. Shares of the resort and residential community operator fell $1.84, or 10 percent, to $16.56 on the New York Stock Exchange in afternoon trading. Oppenheimer lowered its valuation for Bluegreen to "Neutral" from "Buy" because the stock is trading at 2.3 times its book value per share of $8.60, and almost 12 times the firm's 2005 earnings per share estimate of $1.69, which Oppenheimer is maintaining. "The timeshare business is already firing on all cylinders and the land sales division, which now makes up an increasingly important portion of the business, is unlikely to continue to enjoy additional sales increases of the magnitude it did in 2004 when it opened a bevy of new communities," analyst Ian Zaffino said in a research note.

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