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The Panhandle of FL has recovered from the housing crisis. St. Joe (JOE) has aligned their cost structure and, for the first time, has operating leverage. Because of the poor performance of the stock and capital spending missteps and high corporate overhead of the past, many investors have given up on JOE generating sustained profits. JOE's current strategy of targeted capex and JV partnering, combined with new opportunities, puts the company in the best position it has ever been to finally generate recurring revenues and profits. We think the shares will get revalued as numerous