| Institution | Analyst | Update in | Net Revenue FY 2026 | Adjusted EBITDA FY 2026 | Price Objective | Ratings | |
| J.P. Morgan | Marcelo Santos | [email protected] | Aug - 2026 | 4,002 | 1,747 | 21.00 | Neutral |
| Morgan Stanley | Maurício Cepeda | [email protected] | Aug - 2026 | 3,980 | 1,733 | 15.00 | Sell |
| Goldman Sachs | Gustavo Miele | [email protected] | Aug - 2026 | 3,983 | 1,732 | 14.50 | Sell |
| Bradesco BBI | Marcio Osako | [email protected] | Jul - 2026 | 3,956 | 1,737 | 16.00 | Sell |
| Itaú BBA | Vinicius Figueiredo | [email protected] | Jul - 2026 | 3,957 | 1,703 | 18.00 | Buy |
| Bank of America Merrill Lynch | Flavio Yoshida | [email protected] | Jun - 2026 | 4,052 | 1,737 | 18.00 | Neutral |
| 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 |
| Average | 3,991 | 1,731 | 16.83 |
