BofA Boosts Price Target on Petrobras (PBR) to $57, Maintains Buy
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Earlier, Bank of America Merrill Lynch raised its price target on shares of Brazil's integrated oil-giant, Petrobras (NYSE: PBR). While maintaining a Buy rating, the firm moved its price target from $52 to $57, citing valuation and rising oil prices.
The stock is flat today amid the analyst comments. Shares of Petrobras most recently traded at $50.40. Based on today's price action, BofA's new price target represents potential upside of about 13%.
Visit our Analyst Ratings page to see all the upgrades/downgrades/comments on shares of Petrobras.
Petrobras is an integrated oil and gas company.
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