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Petróleo Brasileiro S.A. - Petrobras Message Board

  • superbowlchampstealers2006 superbowlchampstealers2006 Jul 8, 2013 11:00 AM Flag

    S&P MAINTAINS HOLD RECOMMENDATION ON ADSS OF PETROLEO BRASILEIRO SA

    S&P MAINTAINS HOLD RECOMMENDATION ON ADSS OF PETROLEO BRASILEIRO SA
    66 days 2 hours 59 minutes ago - SNPMarketScope
    We cut our '13 earnings per ADS estimate $0.12 to $2.42 and our target price by $1 to $22, on updated cash flow and EBITDA forecasts. We keep our '14 estimate of $2.69, reflecting production growth. However, we remain concerned with downstream losses, somewhat muted by higher gasoline/diesel prices instituted by Brazil earlier in '13 and upstream execution, as production is down, and exploration costs are up, all with a backdrop of lower prices. We see flat '13 production, but expect a pick-up in H2 and '14. Capex is highest among peers, expected to run $14B above '13 cash flow.

    Sentiment: Strong Buy

 
PBR
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