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Fly News Breaks for July 3, 2019
PBR
Jul 3, 2019 | 09:50 EDT
As previously reported, BofA Merrill Lynch analyst Frank McGann resumed coverage of Petrobras with a Buy rating and $21 price target, stating that he believes Petrobras's equity story is at its best position in the last 6 to 7 years given that the company's debt levels are now sustainable for the first time in that long. Petrobras, unencumbered by such a heavy debt load, is well-positioned to benefit from a combination of strong growth, solid free cash flow, and continued improvement in its financial position, argues McGann.
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