Petrobras Downgraded As Government Announces To Maintain Subsidized Fuel Rate

Goldman Sachs Group Inc (GS) analyst Felipe Mattar downgraded Petroleo Brasileiro Petrobras SA (ADR) (PBR) stock from Buy to Neutral as the stock relies on national fuel pricing policy and currency fluctuations. The financial services firm has revised down the 12-month target price of the American Depository Receipts (ADRs) from $19.20 to $13.60.