UPDATE: Oppenheimer Initiates Coverage on Alexander & Baldwin

According to a research report published earlier today, Oppenheimer has initiated Alexander & Baldwin Inc.

with an Outperform rating and $55 PT. In the report, Oppenheimer commented, “Set to split up by 3Q12, we believe ALEX represents an interesting investment opportunity. This Hawaiian conglomerate will separate its Jones Act ocean transportation and logistics business from its commercial real estate portfolio, land development business and sugar operations. We initiate coverage of ALEX with an Outperform rating and $55 PT, which we believe could be achieved as fundamentals continue to improve, additional real estate disclosures are provided and the spin-off approaches.” Alexander & Baldwin closed yesterday at $46.63.