Petrobras Downgraded To Neutral From Overweight At JPMorgan
JPMorgan analyst Rodolfo Angele downgraded Petrobras to Neutral from Overweight with a price target of $14, down from $20.
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.
More By This Author:
Here's What Wall Street Is Saying About Amazon Ahead Of EarningsHere's What Wall St. Experts Are Saying About Pinterest Ahead Of Earnings
Here's What Wall Street Is Saying About Mcdonald's Ahead Of Earnings
Disclaimer: Neither TheoTrade or any of its officers, directors, employees, other personnel, representatives, agents or independent contractors is, in such capacities, a licensed financial adviser, ...
more
Comments
No Thumbs up yet!
