Think Equity’s Woodburn Rates PICO (Nasdaq:PICO) at BUY – $47 Price Target
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/V9OP0ylFCss/Posted on Tuesday, July 14th, 2009 | In Market Commentary, Small & Micro Cap
July 13, 2009 ndash; Think Equityrsquo;s David Woodburn weighed in this morning on PICO Holdings (Nasdaq:PICO), rating the stock at BUY with a $47 price target. He noted that the stock price is approaching adjusted book value per share at $24.48nbsp; and that the business remains well-positioned to takenbsp; advantage of population growth and water scarcity in the American Southwest.
Key Takeaways
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Stock typically trades at premium to previous quarterrsquo;s book value
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Thinks the company is working on various investment opportunities in its real estate and water subsidiaries
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Based on updated book value per share of $24.48, stock is trading at 1.05x, compared with water utilities (1.84x) and homebuilders (1.05x)
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