NEW YORK ( TheStreet) -- TheStreet's David Peltier discussed a potential buying opportunity in an undervalued homebuilder Wednesday.
Standard Pacific (SPH) has fallen from a high of $9.97 in mid-May to $3.34 recently after closing Tuesday at $8.37. A secondary offering is largely viewed as the culprit for the move.
Peltier believes the homebuilder, which does about half of its business in California, is now reasonably priced and poised for an upside move. With a robust housing recovery and strong economy in California, Standard Pacific is due for a rebound, he said.
"I would not be surprised to see this stock move back towards the double digits," he concluded.-- Written by Bret Kenwell in Petoskey, Mich. Follow @traderboy23