A a state-owned enterprise, Petrobras' strategic directions change with changes in the country's political leadership, Angele tells investors in a research note. Brazil has just elected President Lula, and the new administration has openly criticized how Petrobras has been run and has also discussed likely changes at the company, says the analyst. Angele believes that the stock price will not fully reflect fundamentals until investors have clarity on exactly what will change at the company.
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