Average Estimate ($) : Mar 2012 ; 1.00 Dec 2012 ; 3.95
Low Estimate ($) : Mar 2012 ; 0.97 Dec 2012 ; 2.81
High Estimate ($): Mar 2012 ; 1.02 Dec 2012 ; 4.55
Firm rates PBR a buy with a price target of BRL37.00. PBR shares are inexpensive compared with historical trading multiples and other companies also exposed to Brazil's pre-salt oil frontier, UBS says. "We know expect improvements in opex control and capex discipline," UBS says, adding increased pre-salt drilling should add 1.3 Mbpd from the region by 2020, up from 170,000 bpd currently. PBR shares up 3.2% recently in Sao Paulo at BRL22.09 For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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