UPDATE: Barclays Upgrades Petroleo Brasileiro Petrobras SA On Positive Outlook With Brazilian Elections

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In a report released Friday, Barclays analyst Paul Cheng upgrades Petroleo Brasileiro Petrobras SA PBR from Equal-Weight to Overweight and raised its price target from $22 to $23.

Cheng said that Petroleo will benefit from the upcoming Brazilian presidential elections in October.

Analysts at Barclays believe the refining industry will reverse from its current sluggish state.

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Posted In: UpgradesPrice TargetAnalyst RatingsBarclaysPaul Cheng
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