Today petrobras hit sub R$30.00, losing some 10%.
HOWEVER
Since last week, major Brazilian bank Itaú was recommending Petr4 to buy at R$ 34.50, targeting R$ 61.50 by year's end.
Of course they didn't even think about Lehman meltdown. Most of the excessive selloff in Petro and Vale were international players running for cover and/or taking profit in emerging markets to fill the holes in other parts of the world. And most liquid assets like Petro and Vale suffer the most.
Bottom fishing Petrobrás is once-in-a-lifetime deal.
For reference: USDBRL: 1.81 as of today.
HOWEVER
Since last week, major Brazilian bank Itaú was recommending Petr4 to buy at R$ 34.50, targeting R$ 61.50 by year's end.
Of course they didn't even think about Lehman meltdown. Most of the excessive selloff in Petro and Vale were international players running for cover and/or taking profit in emerging markets to fill the holes in other parts of the world. And most liquid assets like Petro and Vale suffer the most.
Bottom fishing Petrobrás is once-in-a-lifetime deal.
For reference: USDBRL: 1.81 as of today.