BofA raises target for Petrobras stock to USD 28 from USD 22

Published on 10/19/2026 at 09:15 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Petrobras stock trades at EUR 23.00 on October 19, 2026 at Lang & Schwarz. Results are due October 28 and November 10, 2026.

Target and earnings outlook

BofA raised its Petrobras target from USD 22.00 to USD 28.00 on October 14, 2026.
Second-quarter revenue reached USD 33.61 billion, up 59.8 percent year over year.
Petrobras stock was trading at EUR 23.00 at 9:12 a.m. CEST at Lang & Schwarz on October 19, 2026.
Petrobras will publish its production report on October 28, 2026, and financial results on November 10, 2026.

PBR, US71654V4086, Illustration mit AI erstellt.

Petrobras (ISIN US71654V4086) was trading at EUR 23.00 at Lang & Schwarz on October 19, 2026, while Bank of America raised its price target from USD 22.00 to USD 28.00 on October 14, 2026. The change gives investors a fresh valuation marker before the company's third-quarter reporting cycle.

According to Markets Insider, BofA analyst Leonardo Marcondes kept a Buy rating while lifting the target. The USD 6.00 increase equals 27.27 percent, calculated against the former USD 22.00 target.

Three milestones shape the story

Petrobras committed BRL 2.97 billion for 12 offshore exploration blocks on October 7, 2026, according to Rio Times. On October 13, 2026, the company announced that its third-quarter production report would be released on October 28, followed by financial results on November 10, both after market close, according to StockTitan. BofA's target revision on October 14 completed the recent sequence.

What does the target change?

The valuation revision follows a strong second quarter. Petrobras generated USD 33.61 billion in revenue and USD 10.43 billion in net income in the second quarter of 2026, with revenue up 59.8 percent and net income up 120.3 percent from the second quarter of 2025, according to TickerScout. Operating income reached USD 14.25 billion in that period, up 166.5 percent year over year.

The near-term test is whether production and cash generation support that valuation case. Petrobras reported second-quarter production of 3.34 million barrels of oil equivalent per day, while September oil output stood at 2.96 million barrels per day, according to Rio Times. The figures give the upcoming production report a concrete operational benchmark.

Two dates set the calendar

Petrobras is scheduled to release its third-quarter production and sales report on October 28, 2026, its financial results on November 10, 2026, and a results webcast on November 11, 2026, according to StockTitan.

Trading context for Petrobras

The stock's market capitalization was USD 158.1 billion as of October 16, 2026. Petrobras is listed on the NYSE under PBR, and its operations span exploration, production, refining, transportation, marketing, gas and power.

Petrobras was trading at EUR 23.00 at Lang & Schwarz on October 19, 2026 at 9:12 a.m. CEST.

The further course of trading is shown by the continuously updated real-time quote of Petrobras stock.