UPDATE: Raymond James Upgrades The St. Joe Company Based On 'Huge' Cash Surplus

In a report issued Friday, Raymond James upgraded its rating of The St. Joe Company (NYSE: JOE) from Market Perform to Outperform with a target price of $25.

A team of analysts led by Buck Horne sees that with a huge cash surplus, The St. Joe Company will be well poised for future development plans and growth as whole in the company. The company's new project "Watersound" will be the largest retirement community in the world when it's completed and would be a driving force behind future success of the company.

Horne and his team estimate an EPS of $0.02 for 2014 and $0.12 for 2015.

The St. Joe Company will open up at $21.59 on Friday.