| Institution | Analyst | Update in | Net Revenue FY 2026 | Adjusted EBITDA FY 2026 | Price Objective | Ratings | |
| J.P. Morgan | Marcelo Santos | [email protected] | Jun - 2026 | 4,061 | 1,771 | 21.00 | Neutral |
| Goldman Sachs | Gustavo Miele | [email protected] | Jun - 2026 | 4,020 | 1,749 | 15.00 | Sell |
| Bank of America Merrill Lynch | Flavio Yoshida | [email protected] | Jun - 2026 | 4,052 | 1,737 | 18.00 | Neutral |
| Morgan Stanley | Maurício Cepeda | [email protected] | May - 2026 | 4,029 | 1,763 | 15.00 | Sell |
| BTG Pactual | Samuel Alves | [email protected] | Mar - 2026 | 3,984 | 1,752 | 17.00 | Neutral |
| Citibank | Leandro Bastos | [email protected] | Mar - 2026 | 3,972 | 1,705 | 16.00 | Neutral |
| UBS BB | Leonardo Olmos | [email protected] | Mar - 2026 | 4,037 | 1,732 | 16.00 | 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 | 4,017 | 1,741 | 16.89 |
