Petrobras (PBR) PT Raised to $16.20 at Jefferies

Jefferies analyst Alejandro Demichelis raised the price target on Petrobras (NYSE: PBR) to $16.20 (from $15.50) while maintaining a Hold rating.

The analyst comments "PBR’s 2025-29 plan brought limited news but the announced US$0.53/ADR special div is positive. The key deltas are an increase in gross debt ceiling to US$75bn (from US$65bn) & the pre-announced 9% capex hike (mostly for Downstream). This should allow PBR to keep base divs at US$10bn pa with US$1-2bn pa specials. The 5-year prod profile is unchanged with 2025 output flat YoY. All in, we see little to reinvigorate PBR’s story. HOLD. Conf call today 12.20pm ET."

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