Gafisa S.A. (GFA)

We are reiterating our Buy recommendation on Gafisa S.A. (<a href=http://www.zacks.com/stock/quote/gfa>GFA</a>). We have been encouraged by the stimulus package and the new value-added tax relief recently announced by the Brazilian government. <p> Fourth quarter 2008 results were lower than expected, which is a clear indication that the international crisis has reached Brazil&#39;s construction sector. The recent acquisition of Tenda will enhance the company&#39;s presence in the low-income segment, which will be the focus of the Brazilian government. Thus, we expect Gafisa to benefit from the announced program in the following quarters. <p> Currently, Gafisa is trading at 7.7x 2009 revised EPS estimate. We reiterate our Buy recommendation on Gafisa, with a target price of US$16.25, representing a valuation between 9x and 10x our 2009 P/E, closer to the Bovespa benchmark for Brazilian stocks.

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