Analyst Coverage

Average Target Price – R$ 5.69

Institution	Name of Analyst	Target Price	Last Review
Banco do Brasil	Andrea Aznar +55 (11) 4298 7154	R$ 6.70 Sell	10/17/2024
Bank of America Merrill Lynch	Robert Ford +1 (203) 554 9790	R$ 4.50 Sell	09/12/2024
Bradesco BBI	Pedro Pinto +55 (11) 98860 0652	R$ 9.00 Neutral	02/21/2024
BTG Pactual	Luiz Guanais +55 (11) 3383 2755	R$ 9.00 Neutral	04/15/2024
Citi	João Pedro Soares +55 (11) 4009 7562	R$ 5.10 Neutral	10/30/2024
Genial Institucional	Iago Souza +55 (11) 3206 8244	R$ 4.00 Sell	08/02/2024
Goldman Sachs	Irma Sgarz +1 (212) 357 3770	R$ 2.90 Sell	01/09/2025
Itaú BBA	Thiago Macruz +55 (11) 3073 3138		14/02/2022
Morgan Stanley	Andrew Ruben +1 (646) 734 7157	– Sell	04/22/2024
Safra	Vitor Pini +55 (11) 3175 1194	R$ 5.00 Neutral	10/15/2024
Santander	Ruben Couto +55 (11) 3553 7959	R$ 3.90 Neutral	12/17/2024
XP Investimentos	Danniela Eiger +55 (11) 3513 6520	R$ 8.00 Neutral	02/06/2024