| Institution | Analyst | Update in | Net Revenue FY 2026 | Adjusted EBITDA FY 2026 | Price Objective | Ratings | |
| BTG Pactual | Samuel Alves | [email protected] | Mar - 2026 | 3,984 | 1,752 | 17.00 | Neutral |
| Morgan Stanley | Maurício Cepeda | [email protected] | Mar - 2026 | 3,999 | 1,798 | 16.00 | Sell |
| Citibank | Leandro Bastos | [email protected] | Mar - 2026 | 3,972 | 1,705 | 16.00 | Neutral |
| UBS BB | André Salles | [email protected] | Mar - 2026 | 4,037 | 1,732 | 16.00 | Neutral |
| Goldman Sachs | Gustavo Miele | [email protected] | Mar - 2026 | 3,985 | 1,818 | 16.00 | Sell |
| J.P. Morgan | Marcelo Santos | [email protected] | Feb - 2026 | 4,005 | 1,749 | 22.00 | Neutral |
| Bank of America Merrill Lynch | Flavio Yoshida | [email protected] | Feb - 2026 | 3,890 | 1,698 | 17.00 | Neutral |
| Bradesco BBI | Marcio Osako | [email protected] | Feb - 2026 | 3,997 | 1,741 | 16.00 | Sell |
| Itaú BBA | Vinicius Figueiredo | [email protected] | Jan - 2026 | 4,004 | 1,722 | 18.00 | Buy |
| Average | 3,986 | 1,746 | 17.11 |
