UBS Group increased its price target for Petroleo Brasileiro S.A. (Petrobras) to $23.00 from $22.00. The firm maintained its buy rating on the oil and gas exploration company. This new objective represents a potential upside of 10.92% from current market levels. Other financial institutions have also recently issued positive reports on the stock.
Subsidiary Petrobras Global Finance B.V. will redeem all outstanding 5.999% Global Notes due in 2028. The redemption is scheduled for September 25, 2026. The total principal amount to be redeemed is $1,080,945,000. Petrobras will fund the move with cash on hand as part of a liability management strategy to reduce international debt.