Petrobras price target lowered to R$45 from R$46 at Scotiabank

Scotiabank analyst Gavin Wylie lowered the firm’s price target on Petrobras to R$45 from R$46 and keeps an Outperform rating on the shares. The firm believes recent changes in Brent level have already been incorporated into the stock’s valuation and believes there is a strong argument to be made that the correction was sharper than necessary, the analyst tells investors. On the long-term, the company has a healthy balance sheet, high efficiency, and trading at very discounted multiples, the firm adds.