As previously reported, Goldman Sachs analyst Bruno Amorim started Petrobras with a Buy rating and a price target of $21.60, saying the company is in the process of transitioning from a "turnaround" story to one of growth and cash generation. The analyst adds that "after a decade" of disappointing on production growth forecasts, Petrobras is positioned to expand its production volume by about 9% per year in the 2018-2020 period. Amorim further believes that investors will respond well to the management's efforts in selling non-core assets to reduce leverage and invest the proceeds in the offshore Santos Basin.