Goldman Sachs Morning Summary (PBR)

Goldman Sachs is reiterating its Buy rating on Petroleo Brasileiro SA ADR (NYSE: PBR), as shows are at the low end of Goldman's range. It has a $45 price target on shares.

In the research note, Goldman writes, "We have lowered our 2010-2015 EPS estimates for Petrobras by 5%-15% per year to reflect the recently concluded transfer of rights to produce (TRP) transaction, equity offering, and other minor updates. Our 6-month target prices (based on asset value and cash flow valuation analyses) are also slightly reduced to $45/$41 from $47/$42 for PBR/PBR.A."

Shares of PBR are up 22 cents in pre-market trading to $34.90.