This section presents the updated list of research analysts who publish reports containing projections about the Company. The opinions, estimates, and forecasts expressed by these analysts are solely their own responsibility and do not necessarily reflect the views or projections of the Company, which neither endorses nor validates such analyses through their disclosure.
| Company | Analyst | Contact | Recommendation | Target Price | Date |
|---|---|---|---|---|---|
| Ativa Research | Lucas Dias | lucas.dias@ativainvestimentos.com.br | - | R$ 24,60 | 03/19/2026 |
| Bank of America | Isabella Simonato | Isabella.simonato@bofa.com | +55 11 2188 4243 | Underperform | R$ 13,50 | 06/26/2026 |
| Julia Zaniolo | julia.zaniolo@bofa.com | +55 11 2188 4367 | ||||
| BB Investimentos | Georgia Jorge | georgiadaj@bb.com.br | Neutral | R$ 21,90 | 05/14/2026 |
| Bradesco | Henrique Brustolin | henrique.brustolin@bradescobbi.com.br | +55 (11) 97696-8487 | Neutral | R$ 20,00 | 06/16/2026 |
| BTG Pactual | Thiago Duarte Brazil | thiago.duarte@btgpactual.com | Thiago Duarte Brazil | Buy | R$ 20,00 | 06/17/2026 |
| Pedro Soares Brazil | pedro.soares@btgpactual.com | +55 11 3383 9850 | ||||
| Citi Research | Gabriel Barra | gabriel.barra@citi.com | +55-11-4009-2223 | Neutral | R$ 15,00 | 06/16/2026 |
| Genial Investimentos | Igor Guedes | igor.guedes@genial.com.vc | +55 (11) 3206-8256 | Buy | R$ 20,50 | 05/13/2026 |
| Luca Vello | luca.vello@genial.com.vc | +55 (11) 94142-4122 | ||||
| Itaú | Gustavo Troyano | gustavo.troyano@itaubba.com | +55 (11) 3073-3269 | Outperform | R$ 19,00 | 06/15/2026 |
| Bruno Tomazetto | bruno.tomazetto@itaubba.com | +55-11-3073-3035 | ||||
| Morgan Stanley | Julia Rizzo | Julia.Rizzo@morganstanley.com | +55 (11) 3048-6039 | Equal-weight | R$ 20,00 | 06/18/2026 |
| JP Morgan | Lucas Ferreira | +55 (11) 4950-3893 | Neutral | R$ 18,00 | 06/30/2026 |
| Santander | Guilherme Palhares | gpalhares@santander.com.br | +55 (11) 3553 8999 | Neutral | R$ 18,00 | 05/11/2026 |
| Laura Hirata | laura.hirata@santander.com.br | +55 (11) 3553 3222 | ||||
| Suno | João Daronco | Buy | R$ 20,40 | 05/14/2026 | |
| UBS BB | Matheus Enfeldt | matheus.enfeldt@ubs.com | +55-11-2767 6975 | Sell | R$ 13,80 | 06/15/2026 |
| Tasso Vasconcellos | tasso.vasconcellos@ubs.com | +55-11-2767 6683 | ||||
| XP Research | Leonardo Alencar | leonardo.alencar@xpi.com.br | Neutral | R$ 16,40 | 06/15/2026 |
| Pedro Fonseca | pedro.fonseca@xpi.com.br | ||||
| Samuel Isaak | samuel.isaak@xpi.com.br | ||||
| Average Target Price | 19,33 | ||||
