BofA lifts Petrobras stock target to USD 28 from USD 22

Published on 10/23/2026 at 11:18 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Q2 revenue reached USD 33.61 billion, up 59.80 percent year over year. Petrobras stock costs EUR 23.00 on October 23, 2026, with USD 165.1 billion market cap.

Analyst view and operating scale

Bank of America raised its Petrobras target from USD 22.00 to USD 28.00 on October 14, 2026.
Petrobras added 21 blocks and committed BRL 3.22 billion in signature bonuses on October 8, 2026.
Petrobras stock traded at EUR 23.00 at 11:07 a.m. CEST at Lang & Schwarz on October 23, 2026.

PBR, US71654V4086, Illustration mit AI erstellt.

Petrobras (ISIN US71654V4086) faces a higher valuation bar after Bank of America raised its target from USD 22.00 to USD 28.00 on October 14, 2026, according to Markets Insider. The analyst kept a Buy rating and cited production growth and free cash flow generation.

Target rises as earnings stay strong

Petrobras reported USD 33.61 billion in sales revenue for the second quarter of 2026, up 59.80 percent from USD 21.04 billion a year earlier, according to TickerScout. Net income attributable to shareholders reached USD 10.43 billion, compared with USD 4.73 billion in the second quarter of 2025. That combination gives the target increase an operating reference, although the next quarter remains the nearer test.

Petrobras added USD 7.66 billion in free cash flow during the second quarter of 2026, while adjusted EBITDA reached USD 18.62 billion, according to TickerScout. The same filing summary puts first-half 2026 operating cash flow at USD 20.65 billion, up 28.80 percent year over year.

Three dated expansion steps

On April 9, 2026, Petrobras agreed to buy Petronas interests in two Campos Basin assets for USD 450.00 million, according to TickerScout. On August 14, 2026, the company reported hydrocarbons in the Morpho well at a water depth of 2,886 meters. On October 8, 2026, Petrobras won 21 blocks in two ANP offer cycles and disclosed BRL 3.22 billion in signature bonuses, according to FinancialFilings.

What does the acreage cost mean?

The auction expands Petrobras' exploration portfolio by more than 18,000 square kilometers, while the bonuses are payable by December 30, 2026. Seven Ceará Basin blocks carry a 70 percent Petrobras interest alongside QatarEnergy, and the Campos Basin awards include several blocks held with 100 percent participation.

Next reports have two dates

Petrobras will release its third-quarter 2026 production and sales report on October 28, 2026, followed by financial results on November 10, 2026, both after markets close. A results webcast is scheduled for November 11, 2026, according to StockTitan. Production will be the first near-term read on whether the expansion strategy is translating into operating growth.

Petrobras stock holds its price

Petrobras stock was trading at EUR 23.00 at Lang & Schwarz on October 23, 2026 at 11:07 a.m. CEST. The primary listing is on the NYSE, where the latest quoted price was USD 25.62 on October 22, 2026, against a 52-week range of USD 11.43 to USD 26.12.

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