Goldman Sachs analyst Bruno Amorim downgraded Petrobras to Neutral from Buy with a price target of $12.30, down from $13.60. The analyst cites increased uncertainty around policies to be adopted in the upcoming years for the downgrade. Dividend payments have been a focus from oil investors while the President-elect in Brazil and other officials have mentioned their intention to decrease dividend payout and foster investments in refining and renewables where Petrobras “has no meaningful track record,” Amorim tells investors in a research note.