| Institution | Analyst | Update in | Net Revenue FY 2025 | Adjusted EBITDA FY 2025 | Price Objective | Ratings | |
| J.P. Morgan | Marcelo Santos | [email protected] | Sept - 2025 | 3,704 | 1,669 | 24.50 | Buy |
| UBS BB | André Salles | [email protected] | Sept - 2025 | 3,700 | 1,682 | 19.00 | Buy |
| Itaú BBA | Vinicius Figueiredo | [email protected] | Sept - 2025 | 3,753 | 1,643 | 18.00 | Buy |
| Goldman Sachs | Gustavo Miele | [email protected] | Sept - 2025 | 3,700 | 1,682 | 17.00 | Sell |
| BTG Pactual | Samuel Alves | [email protected] | Aug - 2025 | 3,717 | 1,666 | 20.00 | Buy |
| Bradesco BBI | Marcio Osako | [email protected] | Aug- 2025 | 3,706 | 1,673 | 16.00 | Sell |
| Morgan Stanley | Maurício Cepeda | [email protected] | Aug - 2025 | 3,737 | 1,708 | 17.50 | Neutral |
| Citibank | Leandro Bastos | [email protected] | Jul - 2025 | 3,709 | 1,666 | 14.00 | Neutral |
| Bank of America Merrill Lynch | Flavio Yoshida | [email protected] | Jul - 2025 | 3,735 | 1,692 | 25.00 | Buy |
| Average | 3,718 | 1,679 | 19.00 |
