In Line - Price 4.42 on March 18
by Fox-Pitt Kelton Cochran Caronia Waller

Reducing to In Line from Outperform, as we have renewed concerns about deteriorating credit quality. Based on our review of the 10-K, BBX is expecting increased stress in its residential-construction ($500 million of identified problem loans) and home equity ($676 million) portfolios. We're [also concerned about] the $102 million commercial-land development portfolio/[possible] spillover from the struggling residential real-estate market. Target, 5, is down from 7; we expect BBX to trade at 75% of tangible book. Market-cap: $226 million.

Hold - Price 3.60 on Nov. 20
by Sterne Agee

Upgrading from Sell...We conducted a new credit-shock scenario on BBX, assuming the company could eventually write off 50% of the original appraised value of collateral backing residential-construction loans....[and found] that tangible book value bottoms out [just] below $5 a share, well above the current price. With the stock trading at about 72% of our tangible book value at its lowest point, we believe there's little downside risk...Target [is] unchanged at $4, [about] 60% of estimated tangible book value per share at the end of 3Q08.

bought several years ago around $3

Potential takeover target

take over bid

Upgraded by Friedman Billings from Mkt Perform to Outperform

Bad management, but great footprint. Ya' gotta' love Florida!!

Upgraded by Bear Stearns from Underperform to Peer Perform

When will banks come back!

Falling income, poor ratios.