Petrobras (PBR) to Soar

Oil companies profit numbers have been down year to date though in my opinion that is no reason to be hesitant to invest in oil. I still think oil is heading to $100 and I am upping my 12-month target for Brazilian oil giant, Petrobras (PBR).

I originally bought into PBR in January 2009 at around $25 a share. In April I wrote an article on Stocks on Wall Street recommending to buy PBR saying “Overall PBR is a steal of a stock, I loved it at $24 its an insult at $35. This stock will jump and move fast.

Expect mid $50s come end of the year.” Even after PBR’s 4% drop on Friday the stock is currently trading at $51.33 so it was time I reevaluated the company and look into whether it still has growth potential.

I can see nothing wrong with PBR and believe there growth prospects are stronger than ever and that the stock will continue to soar in 2010 and beyond.