After lackluster April production, Petrobras' 2014 target looks too high

Petrobras (PBR) says its total production for April rose only 0.4% from March, while Brazilian liquids production increased just 0.3%.

Production was hindered by planned maintenance shutdowns; nevertheless, the company's 7.5% 2014 output growth target will have to be achieved in H2, Raymond James notes in forecasting PBR to be able to achieve just half its target.

PBR’s ADRs fell 1.8% today, while Brazilian iron ore producer Vale (VALE) rose 0.7% today after China reported its manufacturing activity in May reached a five-month high.

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