If you follow their own statement you can easily conclude that PBR is a great buy:
1- "Goldman notes the stock has outperformed other Latin American energy companies by roughly 10% since late January". What about the fact that the stock, over 12 months, was down 32%?!!
2- "Petrobras ended the quarter with a cash position of R$ 68.2 billion.”
3- "Operating income totaled R$ 13.3 billion, 76% up on 1Q14, chiefly due to the expansion in oil and gas production, higher margins from the sale of oil products and lower expenses with the government take and imports"
4- PBR's ability to generate cash, why wasn't this mentioned by Goldman turds?
What is it, Goldman, did you not accumulate enough PBR and hoping to get more at these levels before the stock recovers to the 20s?
One of the best earnings I have seen showing practically all metrics doing fantastic.
You couldn't have asked for any better than this.
Cash generation (FCF) going forward is amazing which will allow THC flexibility in furthering growth.