JP Morgan upgraded its rating of Petrobras Brasileiro PBR to Overweight with a price target of $15.50, changing its price target from $11.50 to $15.50.
Shares of Petrobras Brasileiro are trading up 0.8% over the last 24 hours, at $13.87 per share.
A move to $15.50 would account for a 11.75% increase from the current share price.
About Petrobras Brasileiro
Petrobras is a Brazil-based integrated energy company controlled by the Brazilian government. The company focuses on exploration and production for oil and gas in Brazilian offshore fields. Production in 2022 was 2.7 million barrels of oil equivalent a day (80% oil production), and reserves stood at 10.5 billion boe (85% oil). At year-end 2022, Petrobras operated 11 refineries in Brazil with capacity of 1.9 million barrels a day and distributes refined products and natural gas throughout Brazil.
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