01:15 AM EDT, 05/14/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target price of USD12, cut by USD2, reflects a 6.6x multiple of enterprise value to projected 2026 EBITDA, roughly in line with U.S. supermajor oil peers. We lower our 2025 earnings per ADS estimate by BRL2.87 to BRL14.37, and similarly 2026's by BRL3.00 to BRL14.36. Q1 2025 earnings per ADS of BRL5.28, vs. BRL3.67, beat the consensus view by BRL0.28. We are not especially optimistic on crude oil prices in 2025, and PBR's Q1 results also demonstrated some increases in unit costs, which is not a great combination. On the other hand, we also think prices are more likely to recover in 2026, which would be a plus if realized. PBR also has to contend with high debt levels, and we note that gross debt at the end of Q1 crept up nearly to the USD65 billion range, which is a deterioration from recent levels. Our estimates presume an exchange rate of 5.50 BRL per USD.