Jefferies upgraded Petrobras (NYSE: PBR) from Hold to Buy.
Earlier, Jefferies upgraded Petrobras (NYSE: PBR) from Hold to Buy.
"PBR's progress in its upstream division has been encouraging, with further pragmatism over local content requirements which give more confidence that its ambitious production targets can be achieved. In the downstream recent price rises have given more confidence the government will allow it to reduce its current heavy losses in this division. Although it is currently FCF negative, we see this gap closing to 2017."