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Petrobras S.A. - ADR (PBR)
by Zacks Equity ResearchAugust 30, 2012 | Comments : 0 Recommended this article: (0)
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We also remain concerned by Petrobras huge investment requirements, the possibility of heightened state interference and caps on local fuel prices. Partially offsetting these negatives are the company's strong pipeline of development projects and impressive exploration successes, as well as exposure to Brazil's economic growth and huge pre-salt oil reserves.
These factors are reflected in our downgrade of Petrobras ADRs to Underperform from Neutral. Our $20 price objective reflects a 2012 P/E multiple of 8.0x.
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