Petrobras upgraded at Morgan Stanley even after 55% YTD pickup [Seeking Alpha]
Petroleo Brasileiro S.A.- Petrobras (PBR)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
Company Research
Source: Seeking Alpha
Petrobras (NYSE: PBR ) has surged 55% YTD but Morgan Stanley’s Bruno Montanari sees more upside ahead , upgrading shares to Overweight from Equal Weight and raising his price target to $21.50 from $14.50, saying the company’s asset base is undervalued and that its strong free cash flow should lead to rapid balance sheet improvements. PBR trades at a discount to major oil stocks but does not reflect the company's “superior growth outlook,” including a five-year 5.9% compound annual growth rate, Montanari says, and higher oil prices are creating enough free cash flow - $12B or so in the next two years, he estimates - that the company will be able to beat its deleveraging target even without further planned asset sales. PBR also has improved its governance “including pricing policy, relationship with the government, and stronger bylaws in general, according to Montanari, which he sees as a viable way to lower political risk facing the company in the long term.” Click
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News
- Petróleo Brasileiro S.A. - Petrobras (NYSE: PBR) had its price target raised by analysts at UBS Group AG from $17.20 to $17.40. They now have a "buy" rating on the stock.MarketBeat
- Petróleo Brasileiro S.A. - Petrobras (NYSE: PBR) was upgraded by analysts at HSBC Holdings plc from a "hold" rating to a "buy" rating. They now have a $18.00 price target on the stock.MarketBeat
- Petróleo Brasileiro S.A. - Petrobras (NYSE: PBR) was downgraded by analysts at Morgan Stanley from an "overweight" rating to an "equal weight" rating. They now have a $18.00 price target on the stock, down previously from $20.00.MarketBeat
- Petróleo Brasileiro S.A. - Petrobras (NYSE: PBR) was downgraded by analysts at Bank of America Co. from a "buy" rating to a "neutral" rating. They now have a $16.00 price target on the stock.MarketBeat
- How Europe Can Win the Energy War With RussiaPR Newswire
PBR
Sec Filings
- 4/19/24 - Form 6-K
- 4/18/24 - Form 6-K
- 4/18/24 - Form 6-K
- PBR's page on the SEC website