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Petrobras Earnings: Oilco Tieups OK, YPF More Attractive?

While Brazil's state-controlled Petroleo Brasileiro or Petrobras produced disappointing second quarter results, there is a silver lining.

Raymond James analysts Pavel Molchanov and Muhammed Ghulam think Petrobras (PETR3 and PBR) results point to a positive: oil output bounced from April's lows. They think the 2017 production guidance sets a low bar, and risk of under-delivering on the 2021 target will be a moot point for the foreseeable future. They have a Market Perform rating on the stock but no price target. They add:

"... the stock's volatility is compounded by relentless political headlines (Lava Jato / President...

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