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PVD [U-PF -17%] - Price overshoots fundamentals on oil price recovery hopes - Update

We have increased our target price for PVD by 48% but maintain an UNDERPERFORM rating. We revised up our base case assumption for oil prices. The Brent oil price recovered from levels below USD30/bbl to touch around USD40/bbl recently, triggered by an upcoming meeting scheduled for mid-March among at least four major oil producers, including Saudi Arabia, to discuss a production freeze at January’s output levels.