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STXNEWS LATAM-Brazil builder Gafisa's turnaround seems close -CS
January 17, 2013 / 1:20 PM / 5 years ago

STXNEWS LATAM-Brazil builder Gafisa's turnaround seems close -CS

Brazilian homebuilder Gafisa SA is poised for a turnaround and it should stop posting losses on troubled low-income housing projects by the end of this year, Credit Suisse analysts led by Guilherme Rocha told clients in a Thursday note.

“Gafisa started to deliver on its promises,” Rocha wrote. “We are finally turning more positive on the turnaround story.”

The analysts raised their recommendation of Gafisa shares to “outperform” from “neutral”, anticipating a boost from the possible sale of the company’s profitable Alphaville unit.

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