Petrobras Earnings Were ‘Really Disappointing’, Itau Says
February 10, 2012, 6:19 AM ESTBy Karen Eeuwens
Feb. 10 (Bloomberg) -- Petroleo Brasileiro SA’s fourth- quarter earnings were “really disappointing” and are likely to prompt a “pretty negative” market reaction, Itau BBA analysts Paula Kovarsky and Diego Mendes wrote in a report dated yesterday.
The results were worsened by unexpectedly high import expenses and exposed Petrobras’s “inability to capture high oil prices”, according to the analysts.
Itau BBA mantained its ‘market perform’ recommendation on the stock. Its target price for the end of the year is 30.2 reais.
To contact the reporter on this story: Karen Eeuwens in London at keeuwens@bloomberg.net
To contact the editor responsible for this story: Katerina Petroff at kpetroff@bloomberg.net
