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Petrobras upgraded to Buy at BAML, seeing more manageable debt levels

  • Petrobras (PBR +7.1%) pushes to a new 52-week high as BofA Merrill Lynch upgrades shares to Buy from Neutral with a $35 price target, raised from $26, citing expectations for an ongoing healthy oil price environment.
  • PBR's debt levels should become "more manageable" within a year or two, BAML says, with net debt/net capital ratio likely falling below 40% within two years, even if management does not realize any new proceeds from asset sales; if asset sales continue, the overall risk profile of the company would improve even more quickly.
  • PBR also faces a catalyst in a favorable settlement of its transfer of rights re-valuation, although this is "not critical," BAML says.

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Petróleo Brasileiro S.A. - Petrobras