Deutsche Bank Downgrades Petrobras Energia (PZE) to Sell; Weaker Trends
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Deutsche Bank downgrades Petrobras Energia (NYSE: PZE) from Hold to Sell. Price target lowered from $8 to $6.50.
Deutsche analyst says, "PZE reported a weak quarter: net revenues of ArP2.7bn were 20% lower than our estimates, while EBITDA of ArP368bn came in well below our forecasts. Negative effects of lower prices and demand affected all business lines. Weak operating performance, FX losses and lower equity income resulted in a net loss of ArP205mn, while we expected PZE to report a ArP69mn gain. We are lowering estimates and PT to reflect weaker trends. We are downgrading to Sell from Hold due to expectations that operating trends should not improve in the medium term."
Petrobras Energia Participaciones S.A. (Petrobras Participaciones) is a holding company that operates through Petrobras Energia S.A. (Petrobras Energia) and its subsidiaries.
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