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Petroleo Brasileiro SA (NYSE:PBR)‘s stock had its “overweight” rating reaffirmed by Morgan Stanley in a research note issued on Wednesday, Stock Ratings Network reports. They currently have a $19.50 target price on the stock. Morgan Stanley’s price target would indicate a potential upside of 72.11% from the company’s current price.

The analysts wrote, “Normalized results were slightly better than our model, but we focus on the LT strategic plan. By defining its optimum oil output size at 4.0Mbbl/d, PBR sends a message that capex will indeed peak in the medium-term, opening room for the market to see a path for free cash flow generation capacity.”

Shares of Petroleo Brasileiro SA (NYSE:PBR) traded down 1.32% during mid-day trading on Wednesday, hitting $11.18. The stock had a trading volume of 3,433,174 shares. Petroleo Brasileiro SA has a one year low of $10.63 and a one year high of $19.65. The stock has a 50-day moving average of $11.77 and a 200-day moving average of $14.3. The company has a market cap of $72.919 billion and a price-to-earnings ratio of 6.01. Petroleo Brasileiro SA also was the target of some unusual options trading on Monday. Traders bought 41,673 call options on the company. This represents an increase of 198% compared to the typical volume of 14,007 call options.

PBR has been the subject of a number of other recent research reports. Analysts at Zacks reiterated a “neutral” rating on shares of Petroleo Brasileiro SA in a research note on Friday, January 17th. They now have a $13.00 price target on the stock. Finally, analysts at Citigroup Inc. downgraded shares of Petroleo Brasileiro SA from a “buy” rating to a “neutral” rating in a research note on Monday, December 2nd. They now have a $14.00 price target on the stock, down previously from $25.00. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. Petroleo Brasileiro SA has an average rating of “Hold” and an average price target of $17.60.

Petroleo Brasileiro SA (NYSE:PBR) is an integrated oil and gas company.

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