Morgan Stanley Comes Away from Meeting with Petrobras CEO with Positive Outlook

In a report published Tuesday, Morgan Stanley analyst Bruno Montanari reiterated an Overweight rating and $20.80 price target on Petrobras (NYSE: PBR).

In the report, Morgan Stanley noted, “While nothing really new came out of the meeting, PBR's senior management initiative to have a close and candid conversation with analysts was a good one. Key takeaway from the meeting was a firm commitment (not a promise) of the CEO to lower leverage through the pricing policy implementation.”

Petrobras closed on Monday at $13.71.