- It's not that the asset the Brazilian government is bestowing upon Petrobras (PBR +0.1%) is junk: Morgan Stanley analyst Bruno Montanari likes the geology, but thinks that "more barrels was the last thing Petrobras needed right now.”
- The deal means more capex for a company that is already highly leveraged, so Montanari - who used to be a Petrobras bull - downgrades shares to Hold from Buy and cuts his price target to $16 from $17 previously.
- Bloomberg reports PBR is now considering asset sales to help buffer the total ~15B reais ($6.7B) bill to the government, with some analysts worrying about the possibility of fire-sale prices.
From other sites
at CNBC.com (Mar 16, 2015)
at Zacks.com (Mar 2, 2015)
at Investor's Business Daily (Feb 25, 2015)
at CNBC.com (Feb 4, 2015)
at Investor's Business Daily (Feb 4, 2015)
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