Real estate firm AMREP's Q2 revenue falls on land sale decline
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AMREP's fiscal Q2 revenue fell significantly due to an 86% drop in land sale revenue, selling only 16.7 acres compared to 571.2 acres last year. Operational delays in municipal entitlements and infrastructure also impacted revenue and increased costs. Despite this, the company's Q2 EPS was $0.22. The stock is rated as a 'buy' with a 12-month price target of $30.00, 42.7% above its recent closing price.
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