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Fly News Breaks for May 24, 2018
PBR
May 24, 2018 | 07:46 EDT
As previously reported, Morgan Stanley analyst Bruno Montanar downgraded Petrobras to Equal Weight from Overweight after the company announced that it will lower diesel prices by 10% at the refinery gates to appease an important truck drivers' strike. While he does not expect a major financial impact from the change, Montanar said sentiment could now take a U-turn if the perception of renewed external intervention in pricing policy decreases investor confidence. He lowered his price target on Petrobras to $13 from $15.
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