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Actionable news in PBR: PETROLEO BRASILEIRO S.A.-PETROBRAS ADS (REP 1 COMMON SHARE),

Petrobras (PBR) Stock Increases, UBS Optimistic

NEW YORK (TheStreet) -- Shares of Petrobras (PBR) were advancing in mid-afternoon trading on Monday after UBS turned bullish on the stock, citing a more stable outlook for oil and the company's new management team.

The firm noted that its "buy" rating on shares of Brazil's state-run oil company reflects its plans to sell assets and reduce investment, Bloomberg reports.

The company has lost about $57.9 billion in market value during the past five years through December as oil prices have tumbled and Petrobras has contended with a corruption scandal.

The markets may be unpredictable, but...


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