BankAtlantic Bancorp initiated with “peer perform” - update

02/23/04 - Bear Stearns

NEW YORK, February 23 (New Ratings) – Analyst Salvatore J DiMartino of Bear Stearns initiates coverage of BankAtlantic Bancorp Inc (BBX) with a “peer perform” rating.

In a research note published this morning, the analyst mentions that the company's present assets, after the disposal of several unprofitable ones, are strong enough to support future earnings growth. The company is currently focused on its two main businesses, BankAtlantic and Ryan Beck, for its future earnings growth, the analyst says. According to Bear Stearns, the company's stock is fairly valued at its current levels.