Petrobras price target raised to $19.50 from $19 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Petrobras (PBR) to $19.50 from $19 and keeps an Overweight rating on the shares. With strategy continuity focused on profitable upstream projects the firm has gained confidence it its thesis of shareholder returns and sees a prospective shareholder return of 84% in five years at the forward oil price curve, the analyst tells investors.