JPMorgan raised the firm’s price target on Petrobras (PBR) to $24 from $16.50 and keeps an Overweight rating on the shares. The firm sees “compelling valuations for oil companies” amid higher oil prices and says Petrobras is “emerging as a clear leader.” The company’s “highly profitable” upstream operations generates “robust” cash flow, the analyst tells investors in a research note. JPMorgan views the recent share price weakness as a “compelling entry point.” It is “pounding on the table” at current share levels.
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