Market Overview

UPDATE: Bank of America Downgrades Petrobras to Neutral, Lowers PT

Share:
Related
A Look At Sandridge Energy's 40% 3-Day Return, Spotting Sub-Industry Trends

In a report published Monday, Bank of America Downgraded Petroleo Brasileiro S.A. (Petr) (NYSE: PBR-A) from Buy to Neutral, and lowered price objective from $30 to $23.

Bank of America noted, "We are downgrading Petrobras to Neutral and reducing our PO from US$30/ADR (R$29/sh) to US$23/ADR (R$22.50/sh), given increasing concerns that the lack of price adjustments for refined products is likely to limit earnings/ cash-flow and reduce operational and financial flexibility over the next twelve months. As a result, we think a more cautious view is appropriate. Although we see limited downside risk, we think the upside is also limited until these issues are resolved."

Petrobras closed at $20.22 on Friday.

Latest Ratings for PBR-A

DateFirmActionFromTo
Nov 2012Bank of AmericaDowngradesBuyNeutral
Oct 2012BarclaysMaintainsEqual-weight

View More Analyst Ratings for PBR-A
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Downgrades Analyst Ratings

 

Related Articles (PBR-A)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Our Experts vs. S&P 500Powered by Benzinga
Marketfy Products Return S&P 500
Morning Profit Maker 42.72% 6.69%
The Option Prophet 91.14% 6.69%
SecretCaps 26.55% 6.69%
Short-Term Trend Trading 11.89% 6.69%
View the highest rated products→