Brazil ’ Petrobras: What happened: Bradesco BBI upgraded state oil company Petrobras to buy after the shares recent fall made them cheap again.
BRAZIL · BUSINESS
Key Facts
—What happened: Bradesco BBI upgraded state oil company Petrobras to buy after the shares’ recent fall made them cheap again.
—The number: The bank kept its target at R$53 (US$10.26) per share for end-2027, implying a 25% total return with dividends.
—The real story: Production at the state firm is growing about five times faster than at the global oil majors.
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