As previously reported, Jefferies analyst Alejandro Anibal Demichelis downgraded Petrobras (PBR) to Hold from Buy with a price target of $19, down from $20.30, after the Brazilian government announced a temporary 12% oil export tax along with a cut in fuel taxes and diesel subsidies to contain the inflationary impact of the Iran war. While noting that Petrobras could offset part of the export tax by improving refining margins, the firm sees this news materially removing its oil price leverage and ability to raise dividends, the analyst tells investors.

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