Credit Suisse Upgrades Petrobras (PBR) to Neutral
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Credit Suisse upgraded Petrobras (NYSE: PBR) from Underperform to Neutral with a price target of $8.60 (from $2.00).
Analyst A. Natal commented, "We show that management can add considerable value (c.$60bn) through cost and capex efficiency, divestments, fuel pricing, and strategic changes. Our target price assumes all these measures succeed but they're not enough to make value converge to prices. Conditions have clearly improved in recent months, especially for liquidity, but it doesn't justify whatever price. We believe it still depends on oil prices rebounding to above $80 for upsides to be material. Excitement might continue on the back of positive news flow, but we don't see a compelling risk/return ratio that could offer a considerable margin of safety. We show it becomes a macro call at this point, dependent on higher oil prices."
Shares of Petrobras closed at $9.19 yesterday.
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