Nomura Securities maintains a 'Buy' on Petrobras (PBR); Preview of 1Q Results

Nomura Securities maintains a 'Buy' on Petrobras (NYSE: PBR).

Nomura analyst, Scott Darling, said, "We expect Petrobras to deliver another set of robust quarterly numbers driven by higher volumes partly offset by slightly lower oil realizations which may not capture the full extent of higher oil prices owing to Brazil’s oil product pricing mechanism. Petrobras is likely to maintain above sector average production growth in the medium term, primarily driven by pre-salt basin development. With a strengthened balance sheet post restructuring last year, the company can support further funding that it requires developing its resource base, in our view."

For more ratings news on Petrobras click here and for the rating history of Petrobras click here.

Shares of Petrobras closed at $34.34 yesterday.

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