| Institution | Name of Analyst | Telephone | Recommendation | Target Price (R$) | |
|---|---|---|---|---|---|
| Ativa Investimentos | Pedro Serra | +55 (21) 3515 8269 | pedro.serra@ativainvestimentos.com.br | Buy | 21,30 |
| Bank of America Merrill Lynch | Roberto Ford | +1 (646) 855 5439 | robert.e.ford@bofa.com | Buy | 16,50 |
| Bradesco BBI | Felipe Cassimiro |
+55 11 96863 2387 | felipe.cassimiro@bradescobbi.com.br | Buy | 18,00 |
| BTG Pactual | Luiz Guanais | +55 11 3383 2755 | luiz.guanais@btgpactual.com | Buy | 16,00 |
| Citibank | João Pedro Soares | +55 (11) 4009 7562 | joao.soares@citi.com | Hold | 15,00 |
| Eleven Financial | Niels Tahara | +55 (11) 4302 3340 | niels.tahara@elevenresearch.com | Buy | 21,00 |
| Genial Investimentos | Iago Souza | – | iago.souza@genial.com.vc | Buy | 17,50 |
| Goldman Sachs | Irma Sgarz | +1 (212) 357 3770 | irma.sgarz@gs.com | Buy | 16,00 |
| Itaú | Thiago Macruz | +55 (11) 3073 3034 | thiago.macruz@itaubba.com | Buy | 16,60 |
| Jefferies | Pedro Baptista | +44 (0) 207 029 8351 | pbaptista@jefferies.com | Buy | 18,00 |
| JP Morgan | José Giordano | +55 (11) 4950 3020 | joseph.giordano@jpmorgan.com | Buy | 17,50 |
| Morgan Stanley | Andrew Ruben | +1 (212) 761 4415 | andrew.ruben@morganstanley.com | Buy | 18,00 |
| Safra | Vitor Pini | +55 (11) 3175 1194 | vitor.pini@safra.com.br | Buy | 17,00 |
| Santander | Ruben Couto | +55 (11) 3553 7959 | ruben.couto@santander.com.br | Buy | 17,00 |
| UBS | Vinícius Strano | +55 (11) 2767 6688 | vinicius.strano@ubs.com | Buy | 17,50 |
| XP Investimentos | Daniela Eiger | +55 (11) 3526 1881 | danniela.eiger@xpi.com.br | Buy | 19,00 |
