Petrobras May Need More Equity: Barclays

Petrobras May Need More Equity: Barclays

Brazil Equity

Petrobras may need new equity to fund its ambitious capex plans, Barclays says, noting that the stock’s valuation is no longer compelling following last month’s $70bn equity sale. “Petrobras may need additional new equity by 2013/2014 if oil prices do not average above $80/barrel in the next several years,” the shop says in a report lowering the 12-month target on the ADS corresponding to its preferred shares to $34 from $39. It also chops the ADS corresponding to common shares to $35 from $40.

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial