| Institution | Analyst | Update in | Net Revenue FY 2025 | Adjusted EBITDA FY 2025 | Price Objective | Ratings | |
| BTG Pactual | Samuel Alves | [email protected] | Mar - 2025 | 3,802 | 1,562 | 23.00 | Buy |
| UBS BB | André Salles | [email protected] | Mar - 2025 | 3,750 | 1,610 | 17.50 | Neutral |
| Goldman Sachs | Gustavo Miele | [email protected] | Mar - 2025 | 3,718 | 1,622 | 16.00 | Sell |
| Citibank | Leandro Bastos | [email protected] | Mar - 2025 | 3,702 | 1,593 | 15.00 | Sell |
| Morgan Stanley | Maurício Cepeda | [email protected] | Mar - 2025 | 3,673 | 1,621 | 17.00 | Sell |
| Bank of America Merrill Lynch | Flavio Yoshida | [email protected] | Mar - 2025 | 3,691 | 1,594 | 24.00 | Buy |
| Bradesco BBI | Marcio Osako | [email protected] | Mar - 2025 | 3,669 | 1,627 | 15.00 | Sell |
| Itaú BBA | Vinicius Figueiredo | [email protected] | Jan - 2025 | 3,731 | 1,627 | 20.00 | Buy |
| J.P. Morgan | Marcelo Santos | [email protected] | Jan - 2025 | 3,725 | 1,655 | 20.50 | Neutral |
| Average | 3,718 | 1,612 | 18.67 |
