Analyst Bruno Amorim from Goldman Sachs maintained a Buy rating on Petroleo Brasileiro SA- Petrobras and decreased the price target to $13.30 from $14.20.
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Bruno Amorim has given his Buy rating due to a combination of factors that highlight Petrobras’s strategic positioning and financial prospects. The recent successful bids in the pre-salt fields auction, where Petrobras, in partnership with Shell, secured stakes in the Mero and Atapu fields, demonstrate the company’s proactive approach to expanding its asset base. This acquisition, although resulting in a cash outflow, aligns with Petrobras’s existing operations in these fields and was anticipated by the market, indicating a strategic move rather than a surprise expenditure.
Furthermore, Petrobras is seen as offering a robust operational performance, with a projected dividend yield of 9% for 2026, which is attractive to investors seeking stable returns. Despite potential risks associated with fluctuating oil prices, the company’s valuation, based on a forward EV/EBITDA multiple, supports a positive outlook. These factors collectively underpin Bruno Amorim’s Buy rating, suggesting confidence in Petrobras’s ability to deliver shareholder value in the coming year.
PBR’s price has also changed moderately for the past six months – from $11.110 to $12.880, which is a 15.93% increase.