Petroleo Brasileiro S.A. - Petrobras (PBR)

[lecorb]

Goldman Sachs Downgrades Petrobras (PBR) to Neutral
.

October 29, 2014 8:30 AM EDT
Goldman Sachs downgraded Petrobras (NYSE: PBR) from Buy to Neutral.

Analyst Felipe Mattar said, "Shares have outperformed our LatAm Energy coverage by +3.2% since being added to the list on July 13, 2014. The stock has underperformed the Ibovespa by 17.5% since we rated it Buy on Dec. 14, 2011. Despite PBR’s inexpensive asset value, expected 12-18 months production growth, and benefits from lower oil prices, we believe the stock remains dependent on domestic fuel pricing policy and currency movements, which remain unpredictable, making it difficult to set a bear or a bull case, with the risk-reward being symmetrical at current levels."
Shares of Petrobras closed at $11.68 yesterday

http://www.streetinsider.com/Analyst+Comments/Goldman+Sachs+Downgrades+Petrobras+%28PBR%29+to+Neutral/9951888.html?si_email_click=2014102908