Where is Petróleo Brasileiro S.A. – Petrobras (PBR) Headed?

Core Insights - Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is recognized as a top cheap stock under $20, with a recent strategic partnership in the renewable energy sector [1] - The company has acquired 49.99% of Lightsource bp's subsidiaries in Brazil, forming a joint venture aimed at developing renewable energy projects [1][2] - The partnership will enhance Petrobras's presence in the Brazilian renewable energy market, particularly in solar power generation [2] Company Developments - The joint venture will benefit from Lightsource bp's pipeline, which includes 1-1.5 GW of projects at various development stages, as well as the operational Milagres solar park with 212 MWp capacity [2] - Goldman Sachs has reiterated a Buy rating for Petrobras, lowering the price target to $13.30 from $14.20, while Bank of America Securities maintains a Hold rating with a price target of BRL37.00 [3] Company Operations - Petrobras is engaged in exploration, production, and distribution of oil and gas, with operations segmented into Exploration and Production, Refining, Transportation, and Marketing, and Gas and Low Carbon Energies [4]