Grupo Santander Upgrades Petrobras (PBR) to Outperform

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is one of the 8 Best Natural Resources Stocks to Buy Now.

On May 21, 2026, Grupo Santander upgraded Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) to Outperform from Neutral with a $24 price target. Grupo Santander cited the company’s better upstream momentum and “more contained” downstream risks for the upgrade.

Last month, BofA upgraded Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) to Buy from Neutral with a price target of $24.80, up from $18.70, after incorporating a higher oil price deck into its model. BofA said it still sees “appealing” dividend yields for 2026-27, even with higher capex spending.

Grupo Santander Upgrades Petrobras (PBR) to Outperform

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JPMorgan also raised the firm’s price target on Petrobras to $24 from $16.50 and maintained an Overweight rating on the shares. JPMorgan cited “compelling valuations for oil companies” amid higher oil prices and said Petrobras is “emerging as a clear leader,” supported by “highly profitable” upstream operations and “robust” cash flow. The firm also viewed recent share price weakness as a “compelling entry point” and said it is “pounding on the table” at current levels.

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) explores, produces, and sells oil and gas in Brazil, China, the United States, the Americas, Asia, Europe, Singapore, and internationally.

While we acknowledge the risk and potential of PBR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PBR and that has 10,000% upside potential, check out our report about the cheapest AI stock.

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