| Institution | Analyst | Update in | Net Revenue FY 2025 | Adjusted EBITDA FY 2025 | Price Objective | Ratings | |
| Morgan Stanley | Maurício Cepeda | [email protected] | Aug - 2025 | 3,737 | 1,708 | 17.50 | Neutral |
| Bradesco BBI | Marcio Osako | [email protected] | Jul - 2025 | 3,706 | 1,673 | 16.00 | Sell |
| Citibank | Leandro Bastos | [email protected] | Jul - 2025 | 3,709 | 1,666 | 14.00 | Neutral |
| Goldman Sachs | Gustavo Miele | [email protected] | Jul - 2025 | 3,727 | 1,686 | 17.00 | Sell |
| UBS BB | André Salles | [email protected] | Jul- 2025 | 3,756 | 1,706 | 19.50 | Neutral |
| Bank of America Merrill Lynch | Flavio Yoshida | [email protected] | Jul - 2025 | 3,735 | 1,692 | 25.00 | Buy |
| J.P. Morgan | Marcelo Santos | [email protected] | Jun - 2025 | 3,727 | 1,675 | 23.50 | Neutral |
| BTG Pactual | Samuel Alves | [email protected] | Mar - 2025 | 3,802 | 1,562 | 23.00 | Buy |
| Itaú BBA | Vinicius Figueiredo | [email protected] | Jan - 2025 | 3,731 | 1,627 | 20.00 | Buy |
| Average | 3,736 | 1,667 | 19.50 |
