KBW Comments on St. Joe Company's Proposed Changes to Its Board of Directors (JOE)

KBW is out with its report today on St. Joe Company JOE, commenting on proposed changes to JOE's board of directors. In a note to clients, KBW writes, "CNBC reports that Bruce Berkowitz is proposing changes to JOE's board of directors, with the removal of 4 long time directors, and Berkowitz and Fernandez - both of Fairholme - becoming chairman and vice chairman of board. JOE board meeting Mon/Tuesday. Article indicates large land lease underway. We believe these announcements collectively will be viewed very positively by investors. Crowded short & positive news should boost shares higher." KBW maintains Outperform and a $33 PT on JOE. At the time of posting, shares of JOE were trading at $29.90, up 10.45% from Friday's close.