Analysts Skeptical of Petrobras Annual Target after October's Production Data

18 November 2008 @ 07:10 pm EDT

Analysts from Banco Bradesco SA (NYSE:BBD), (SAO:BBDC4) said Tuesday that Petrobras' average production target may be difficult to reach this year, due to October's disappointing data released Monday.

Industrial production grew in October, after September produced the worst dropoff in factory output in 62 years, according to a report released Monday by the Federal Reserve.

Petrobras (NYSE:PZE), (SAO:PETR3) said total daily output from Brazilian and international fields dropped to 2 million barrels a day in October, from 2.02 million barrels in September, according to figures on the company's website.

"It will be practically impossible for the company to reach this target, since it would have to grow 9 percent per month in November and December," Auro Rozenbaum, an analyst at Bradesco, said in a note to the investors.

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