| Institution | Analyst | Update in | Net Revenue FY 2025 | Adjusted EBITDA FY 2025 | Price Objective | Ratings | |
| Bank of America Merrill Lynch | Flavio Yoshida | [email protected] | Feb - 2026 | 3,695 | 1,686 | 17.00 | Neutral |
| Morgan Stanley | Maurício Cepeda | [email protected] | Feb - 2026 | 3,712 | 1,695 | 16.00 | Sell |
| BTG Pactual | Samuel Alves | [email protected] | Jan - 2026 | 3,698 | 1,666 | 17.00 | Neutral |
| UBS BB | André Salles | [email protected] | Jan - 2026 | 3,700 | 1,688 | 16.00 | Neutral |
| J.P. Morgan | Marcelo Santos | [email protected] | Jan - 2026 | 3,717 | 1,642 | 22.00 | Neutral |
| Goldman Sachs | Gustavo Miele | [email protected] | Nov - 2025 | 3,724 | 1,705 | 16.00 | Sell |
| Citibank | Leandro Bastos | [email protected] | OCt - 2025 | 3,710 | 1,679 | 16.00 | Neutral |
| Bradesco BBI | Marcio Osako | [email protected] | OCt - 2025 | 3,715 | 1,684 | 16.00 | Sell |
| Itaú BBA | Vinicius Figueiredo | [email protected] | Sept - 2025 | 3,753 | 1,671 | 18.00 | Buy |
| Average | 3,714 | 1,680 | 17.11 |
