Barclays Raises Americas Integrated Oil Sector to Positive from Neutral
- MUR Raised to Overweight from Equal Weight, price target raised to $42 from $33
- CVE.CA Raised to Overweight from Underweight
- PBR (Petrobras Common) Cut to Underweight from Equal Weight, price target raised to $9 from $7.50
- PBR.A (Petrobras Preferred) Cut to Equal Weight from Overweight
- Firm thinks that global oil market is currently in the midst of a continued upward trajectory in which Brent could average $85 by 4Q17 and $80-90 between 2018 and 2021
- firm thinks energy could be one of the S&P's best performing sectors over the next 12-18 months, and estimate the group's current median potential upside at ~28%
- on a risk-adjusted basis, firm thinks COP and HSE.CA offers the best value over the next 12 months, while PBR (Petrobras common) and XOM offers the least