Bradesco BBI Upgrades Petrobras (PBR) to Outperform, 'Fundamentals Starting to Shine Amid the Elections'

Bradesco BBI analyst Vicente Falanga upgraded Petrobras (NYSE: PBR) from Neutral to Outperform with a price target of $20.00.

The analyst comments "With the presidential election run-off ballot now known, we believe the odds for partial fiscal adjustment have increased, benefiting Petrobras’ case. In a race for centrist voters, we think there should likely be a moderation in speech towards a partial fiscal adjustment in the presidential elections run- off campaign, reducing the pressure on the BRL,
and, as a result, on fuel prices in Brazil. In addition, we see renewed positive
momentum for PBR’s investment case, given: (1) key asset sales being resumed, such as NTN; and (2) potentially the long-awaited Transfer of Rights
(ToRs) resolution, with Petrobras likely being a creditor."

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 $13.91 yesterday.

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