Citi Downgrades Petrobras Energia (PZE) to Sell
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Citi downgrades Petrobras Energia (NYSE: PZE) from Hold to Sell. Price target lowered from $13 to $6.
Citi analyst says, "We downgrade PZE to Sell/Speculative and lowered our target price to $6/ADR. In spite of positive domestic pricing in 3Q08, higher Argentine risk and very limited production growth are reasons to be cautious on PZE...We are lowering our 2009 EBITDA forecast only by 8%, as our lower oil prices is offset by higher gasoline and diesel prices in the ST. However, in the medium term, product prices should move with oil and our revisions to our 2010-11 estimates are larger (EBITDA declines 19%-22%). Our revised numbers also include CIR current economic forecasts for Argentina."
Petrobras Energia Participaciones S.A. (Petrobras Energia Participaciones) is a holding company that operates through its subsidiary Petrobras Energia S.A. (Petrobras Energia) and its subsidiaries, which are engaged in oil and gas exploration and production, refining and distribution, petrochemicals, and gas and energy.
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