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.

Bret Kenwell currently writes, blogs and also contributes to Rocco Pendola's Weekly Options Newsletter. Focuses on short- to intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.