| INSTITUTION | ANALYST | RATING | TARGET PRICE (12M) | |
| JP Morgan | Rodolfo Angele | Outperform | R$ 9.00 | rodolfo.r.angele@jpmorgan.com |
| Itaú BBA | Monique Greco | Outperform | R$ 8.00 | monique.greco@itaubba.com |
| Bradesco BBI | Vicente Falanga | Outperform | R$ 10.00 | vicente.falanga@bradescobbi.com.br |