Here's a cut and paste of one of the articles discussing the GS downgrade:
Gafisa SA (NYSE: GFA) was downgraded by investment analysts at Goldman Sachs from a “neutral” rating to a “sell” rating in a note issued to investors on Monday.
Shares of Gafisa SA traded up 1.49% during mid-day trading on Monday, hitting $4.435. Gafisa SA has a one year low of $2.05 and a one year high of $8.10. The company’s market cap is $958.6 million.
Gafisa S.A. (Gafisa) is a diversified national homebuilder serving all demographic segments of the Brazilian market.
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I found a record of the Goldman downgrade online yesterday with a simple Google search. Can't prove it to you, but it's there.
Thing is - after an 18% drop in 3 days - they might not rate it a sell now. Gafisa went from the top of its 3 month range to the bottom of it in just a handful of days. I bought all the way into the close yesterday, with some nice buys at $3.69, 3.70, and 3.72. The shorts just pushed it til the last second of trading. Maybe there was a large institution that wanted out and Goldmans gave them the out they were looking for? It is very frustrating to be a long-term investor and be early (as in now) or late (as in a year ago) in a residential builder. But once the real estate cycle in a country turns, by its very nature it lasts for several years. I became a Gafisa investor this week.
The best article I have read on Gafisa is on seekingalpha by a man named Caiman Flores: "Gafisa: A Speculative Play On Brazilian Residential Property"