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Fly News Breaks for September 11, 2015
PBR
Sep 11, 2015 | 05:41 EDT
JPMorgan analyst Marcos Severine downgraded Petrobras to Neutral citing the weakening political and macroeconomic environment in Brazil as well as the company's loss of investment grade rating by both Moody's and S&P. Petrobras is likely to need $10B of new debt by 2016, Severine estimates. He cut his price target for shares to $7 from $10.50.
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