Petrobras downgraded to Hold at Jefferies on Brazil oil export tax

Core Viewpoint - Jefferies analyst Alejandro Anibal Demichelis downgraded Petrobras (PBR) to Hold from Buy, with a revised price target of $19, down from $20.30, due to the Brazilian government's announcement of a temporary 12% oil export tax aimed at controlling inflation related to the Iran war [1] Group 1 - The Brazilian government has implemented a temporary 12% oil export tax alongside cuts in fuel taxes and diesel subsidies [1] - The export tax is expected to materially reduce Petrobras's oil price leverage and its ability to increase dividends [1] - Despite the export tax, Petrobras may partially offset its impact by improving refining margins [1]