UPDATE: Bradesco BBI Downgrades Petroleo Brasileiro SA (PETR4:BZ) (PBR) to Underperform
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Bradesco BBI analyst Vicente Falanga downgraded Petroleo Brasileiro SA (PETR4:BZ) (NYSE: PBR) from Neutral to Underperform with a price target of R$24.00 (from R$34.00).
The analyst comments "Down to Underperform: sudden change in command could unfold. The MME has requested the substitution of Mr. Castello Branco as president of PBR´s board for Mr. Joaquim Silva e Luna. The latter should also be indicated by the gov’t as the new CEO. The expected sequence of events should be as following: (1) With the substitution request for chairman of the board, an extraordinary shareholders’ meeting (AGE) will take place ~1 month from now, (2) soon after, a board meeting will be called for to vote for the new CEO, (3) if Castello Branco is re-elected, the government could call for another AGE to substitute board members after 1 mo."
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