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Analyst downgrades erase $18B of Petrobras stock value By VinÃcius Andrade on 2/22/2021
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(Bloomberg) A sell-off in Brazilâs state-controlled oil firm Petroleo Brasileiro SA picked up on Monday after a group of analysts downgraded the stock within 24 hours, following the governmentâs decision to replace the companyâs chief executive officer.
Bradesco BBI, BTG Pactual, Credit Suisse, JPMorgan, Nau Securities, Santander, Scotiabank and XP Investimentos cut their ratings on the shares after Brazilian President Jair Bolsonaro on Friday decided to fire the oil companyâs CEO following a spat over hikes in fuel prices and moved to appoint Joaquim Silva e Luna, a former army general, as a replacement. Companyâs board still needs to confirm the decision.
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