January 15, 2013 / 11:46 AM / 5 years ago

STXNEWS LATAM-Gafisa shares attractive due to strong cash flow-BofA

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Shares of Gafisa SA look attractive after the Brazilian homebuilder generated more free cash flow than expected due to success reselling low-income units with previously cancelled contracts, analysts at Bank of America Merrill Lynch told clients in a Tuesday note.

Analysts Carlos Peyrelongue and Fanny Oreng reiterated their "buy" recommendation on the stock, highlighting free cash flow that exceeded Gafisa's own forecasts in 2012 and the prospect for gradually improving profit margins this year.

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