Analyst Coverage

Institution Analyst Target Price Rating Date
Banco do Brasil Mary Cleia da Silva R$68.00 Neutral May-25
Bank of America Caio Ribeiro R$91.00 Buy May-25
Bradesco BBI Rafael Barcellos R$75.00 Outperform May-25
BTG Pactual Leonardo Correa R$73.00 Buy Jun-25
CICC Yan Chen R$69.60
Buy May-25
Citibank Stefan Weskott R$85.00
Buy Mar-25
Genial Investimentos Igor Guedes R$65.50 Buy May-25
Goldman Sachs Marcio Farid R$65.00 Buy Jun-25
HSBC Jonathan Brandt R$70.00 Buy Jun-25
Itau BBA Daniel Sasson R$63.00 Outperform Jun-25
J.P. Morgan Rodolfo Angele R$84.00 Overweight May-25
Morgan Stanley Eugenia Cavalheiro R$79.00 Overweight May-25
Safra Ricardo Monegaglia R$70.00 Outperform Jun-25
Santander Yuri Pereira R$80.00 Outperform Jun-25
Scotiabank Alfonso Salazar R$78.00 Outperform Jan-25
UBS Caio Greiner R$71.00 Buy May-25
XP Investimentos Lucas Laghi R$92.00 Buy Jan-25
         
Average   R$75.24    
Lowest   R$63.00    
Highest   R$92.00    

Source: Bloomberg and Brokers' Researches

Legend of recommendations:

Buy/ Outperform/ Overweight = expectation from an analyst that the stock will outperform, within the next 12 months, the average return rate of all stocks this analyst covers

Neutral/ Market perform/ Equal weight = expectation from an analyst that, within the next 12 months, the stock will perform in line with the average return rate of all stocks this analyst covers

Sell/ Underperform/ Underweight = expectation from an analyst that the stock will underperform, within the next 12 months, the average return rate of all stocks this analyst covers

Analyst Estimates

(R$ million) Net Revenue EBITDA Net Income Date
2025e 2026e 2027e 2025e 2026e 2027e 2025e 2026e 2027e
Banco do Brasil 51,778 53,324 55,346 26,260 27,524 30,927 10,224 10,697 11,527 May-25
Bank of America 55,190 58,989 60,876 25,557 27,908 28,193 13,601 9,708 11,835 May-25
Bradesco 52,815 58,230 62,003 24,370 29,336 32,806 11,016 9,884 10,618 May-25
BTG Pactual 53,009 56,073 53,315 25,415 28,883 26,972 12,636 10,828 9,798 Jun-25
CICC 55,364 62,536 66,380 27,606 32,371 36,633 16,636 17,115 17,222 May-25
Citibank 54,352 59,804 62,636 28,798 32,548 30,973 9,432 15,275 11,660 May-25
Genial Investimentos 54,220 56,070 55,778 27,320 28,170 26,567 11,010 10,065 8,401 May-25
Goldman Sachs 50,477 53,167 57,208 23,494 25,832 28,584 12,589 8,932 11,344 Jun-25
HSBC 51,488 58,444 60,385 24,100 28,926 29,382 13,637 9,247 9,859 Jun-25
Itau BBA 48,582 54,520 59,198 21,484 24,982 27,967 10,219 8,012 9,768 Jun-25
JP Morgan 49,668 55,015 65,357 25,281 27,292 32,955 10,641 9,295 11,568 Jan-25
Morgan Stanley 54,901 59,795 63,552 25,448 29,248 32,638 7,510 8,028 12,145 May-25
Safra 51,161 57,354 60,960 22,909 28,195 30,414 10,545 7,482 9,963 Jun-25
Santander 48,337 52,125 55,847 24,905 27,053 29,348 8,334 7,170 10,374 Jun-25
Scotiabank 52,666 56,044 59,316 27,692 29,985 32,796 16,372 13,484 15,169 Jan-25
UBS 50,397 58,331 58,408 23,355 30,016 30,349 6,316 13,870 13,385 May-25
XP Investimentos 57,404 60,946 64,218 29,978 32,323 34,300 12,970 12,883 14,635 Jan-25
               
Average 52,165 57,454 60,046 25,182 29,016 30,694 11,176 10,273 11,722
Minimum 48,470 53,167 53,315 21,484 24,982 26,567 5,872 5,387 8,401
Maximum 57,404 62,878 66,380 29,978 33,126 36,633 20,771 14,465 17,222

Source: Bloomberg and Brokers' Researches

back to top

Institution Analyst Target Price Rating Date
Banco do Brasil Mary Cleia da Silva R$68.00 Neutral May-25
Bank of America Caio Ribeiro R$91.00 Buy May-25
Bradesco BBI Rafael Barcellos R$75.00 Outperform May-25
BTG Pactual Leonardo Correa R$73.00 Buy Jun-25
CICC Yan Chen R$69.60
Buy May-25
Citibank Stefan Weskott R$85.00
Buy Mar-25
Genial Investimentos Igor Guedes R$65.50 Buy May-25
Goldman Sachs Marcio Farid R$63.00 Neutral May-25
HSBC Jonathan Brandt R$70.00 Buy Jun-25
Itau BBA Daniel Sasson R$63.00 Outperform Jun-25
J.P. Morgan Rodolfo Angele R$84.00 Overweight May-25
Morgan Stanley Eugenia Cavalheiro R$79.00 Overweight May-25
Safra Ricardo Monegaglia R$80.00 Outperform May-25
Santander Yuri Pereira R$80.00 Outperform Jun-25
Scotiabank Alfonso Salazar R$78.00 Outperform Jan-25
UBS Caio Greiner R$71.00 Buy May-25
XP Investimentos Lucas Laghi R$92.00 Buy Jan-25
         
Average   R$75.71    
Lowest   R$63.00    
Highest   R$92.00    

Source: Bloomberg and Brokers' Researches

Legend of recommendations:

Buy/ Outperform/ Overweight = expectation from an analyst that the stock will outperform, within the next 12 months, the average return rate of all stocks this analyst covers

Neutral/ Market perform/ Equal weight = expectation from an analyst that, within the next 12 months, the stock will perform in line with the average return rate of all stocks this analyst covers

Sell/ Underperform/ Underweight = expectation from an analyst that the stock will underperform, within the next 12 months, the average return rate of all stocks this analyst covers

Analyst Estimates

(R$ million) Net Revenue EBITDA Net Income Date
2025e 2026e 2027e 2025e 2026e 2027e 2025e 2026e 2027e
Banco do Brasil 51,778 53,324 55,346 26,260 27,524 30,927 10,224 10,697 11,527 May-25
Bank of America 55,190 58,989 60,876 25,557 27,908 28,193 13,601 9,708 11,835 May-25
Bradesco 52,815 58,230 62,003 24,370 29,336 32,806 11,016 9,884 10,618 May-25
BTG Pactual 53,009 56,073 53,315 25,415 28,883 26,972 12,636 10,828 9,798 Jun-25
CICC 55,364 62,536 66,380 27,606 32,371 36,633 16,636 17,115 17,222 May-25
Citibank 54,352 59,804 62,636 28,798 32,548 30,973 9,432 15,275 11,660 May-25
Genial Investimentos 54,220 56,070 55,778 27,320 28,170 26,567 11,010 10,065 8,401 May-25
Goldman Sachs 50,627 55,828 58,410 25,395 29,029 30,495 10,685 9,770 11,076 May-25
HSBC 51,488 58,444 60,385 24,100 28,926 29,382 13,637 9,247 9,859 Jun-25
Itau BBA 48,582 54,520 59,198 21,484 24,982 27,967 10,219 8,012 9,768 Jun-25
JP Morgan 49,668 55,015 65,357 25,281 27,292 32,955 10,641 9,295 11,568 Jan-25
Morgan Stanley 54,901 59,795 63,552 25,448 29,248 32,638 7,510 8,028 12,145 May-25
Safra 51,603 54,817 56,702 26,325 29,266 30,559 8,212 10,936 12,885 May-25
Santander 48,337 52,125 55,847 24,905 27,053 29,348 8,334 7,170 10,374 Jun-25
Scotiabank 52,666 56,044 59,316 27,692 29,985 32,796 16,372 13,484 15,169 Jan-25
UBS 50,397 58,331 58,408 23,355 30,016 30,349 6,316 13,870 13,385 May-25
XP Investimentos 57,404 60,946 64,218 29,978 32,323 34,300 12,970 12,883 14,635 Jan-25
               
Average 52,288 57,316 59,866 25,507 29,120 30,815 11,064 10,410 11,878
Minimum 48,470 53,324 53,315 21,484 24,982 26,567 5,872 5,387 8,401
Maximum 57,404 62,878 66,380 29,978 33,126 36,633 20,771 14,465 17,222

Source: Bloomberg and Brokers' Researches

back to top