JPMorgan analyst Rodolfo Angele upgraded Petrobras to Overweight from Neutral with a price target of $19, up from $16.50. The firm cites the company’s “supportive” free cash flow and “discounted” valuation for the upgrade. JPMorgan updated estimates and established December 2025 price targets for the Latin America oil and gas sector, incorporating a more conservative scenario regarding oil prices, production curves, and margins. Despite this conservative outlook, it continues to see value in the oil and gas sector. Petrobras “stands out as a very low cost producer,” which ultimately translates into solid free cash flow yields, the firm contends.
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