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UPDATE - Barclays Downgraded Petrobras (PBR) to Equalweight; Prefers SU, HES & IMO

February 17, 2012 1:16 PM EST
Get Alerts PBR Hot Sheet
Price: $15.21 +1.88%

Rating Summary:
    7 Buy, 12 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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Barclays downgraded Petrobras (NYSE: PBR) from Overweight to Equalweight. Price target lowered from $38 to $33.

Analyst, Paul Y. Cheng, said, "Although we think the company continues to represent an interesting investment opportunity for long term value investors, we now believe the shares' performance will remain challenging over the next 12 months. Among the major oil companies, we prefer Suncor (NYSE: SU), Hess (NYSE: HES) and Imperial Oil (NYSE: IMO)."

Barclays cuts FY12 EPS estimate from $3.85 to $2.75.

(NOTE - Cheng also downgrades Petrobras ADS (NYSE: PBR-A) from Overweight to Equalweight and lowers PT to $32)

Shares opened higher, but dipped into negative territory around 11am EST, but are now trading up $0.17 (+0.58%) to $29.52.

To see more ratings on PBR, Click Here


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