BOSTON ( TheStreet) -- When Goldman Sachs (GS - Get Report) added homebuilder PulteGroup (PHM - Get Report) to its conviction buy list in March, the investment bank touted the stock as having return potential of 40%. Instead, investors are down 40% on the investment in less than six months.Goldman removed Pulte from its conviction buy list Tuesday as the bank recalibrated its housing forecasts due to weak job growth and volatile financial markets. Goldman analysts still rate Pulte buy as the company is in the early stages of a turnaround, but they argue that there is an increased likelihood of a goodwill impairment and limited catalysts.
Goldman's Conviction on Pulte Cost You 40%
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