Barclays Maintains an 'Equalweight' on Petrobras (PBR); Cutting Estimates After Price Hike Announced

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Barclays maintains an 'Equalweight' on Petrobras (NYSE: PBR) price target of $32.00.

Analyst, Paul Y. Cheng, thinks PBR's recent announcement to raise gasoline and diesel prices are a negative for the company and its stock.

Cheng said, "As a result of the lower-than-expected fuel price increase, we lower our 3Q12 and 4Q12 EPS estimates to US$0.68/ADS and US$0.72/ADS from US$0.74/ADS and US$0.78/ADS, respectively, leading to a full-year 2012 EPS estimate of US$2.80/ADS compared to US$2.90/ADS previously. We lower our full-year 2013 estimate to US$3.30/ADS from US$3.55/ADS previously."


For an analyst ratings summary and ratings history on Petrobras click here. For more ratings news on Petrobras click here.

Shares of Petrobras closed at $19.60 yesterday, with a 52 week range of $18.16-$35.10.

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