Institution Target Price Recommendation
Bradesco BBI BRL32 Buy
Morgan Stanley BRL31 Buy
Banco do Brasil BRL29 Buy
HSBC BRL28 Hold
Santander BRL28 Sell
Bank of America - ML BRL27 Hold
Itaú BBA BRL26 Buy
Ativa Investimentos BRL26 Hold
Goldman Sachs BRL26 Sell
Safra BRL26 Hold
BTG Pactual BRL25 Hold
XP Investimentos BRL25 Hold
Eleven Financial BRL24 Hold
JPMorgan BRL24 Hold
Brasil Plural BRL22 Hold
 
Average BRL27
Highest BRL32
Lowest BRL22

Regulatory Results

Institution
(BRLmillion)
Net Revenue EBITDA Net Income
2020e 2021e 2022e 2020e 2021e 2022e 2020e 2021e 2022e
Banco do Brasil 3,716 3,203 3,160 3,161 2,624 2,535 1,852 1,602 1,501
Bradesco BBI 3,731 3,324 3,514 3,208 2,775 2,943 1,988 1,622 1,928
Brasil Plural 3,287 3,602 3,757 2,694 3,113 3,308 1,324 1,499 1,608
BTG Pactual 3,739 3,322 3,690 2,803 2,123 2,418 2,034 1,703 1,992
Citi 2,674 2,694 2,838 2,098 2,096 2,211 950 867 881
Eleven Financial 2,950 3,160 - 2,405 2,530 - 1,257 1,360 -
Goldman Sachs 3,899 3,563 3,700 3,362 2,977 3,088 2,007 1,862 2,013
HSBC 3,589 3,811 3,821 3,028 3,191 3,181 1,741 1,803 1,853
Itaú BBA 3,701 3,142 3,381 3,191 2,619 2,816 1,905 1,290 1,459
JP Morgan 4,323 3,633 3,248 3,185 1,946 1,558 2,366 1,381 1,132
Merrill Lynch 4,133 4,197 4,473 3,501 3,069 3,334 1,926 1,705 2,028
Morgan Stanley 3,868 3,568 3,850 3,345 3,035 3,277 2,044 1,762 1,985
Safra 3,215 3,611 3,853 2,621 3,048 3,258 1,491 1,710 1,873
Santander  2,674 - - 2,097 - - 1,074 - -
XP Investimentos 2,781 2,817 - 2,237 2,252 - 1,245 1,179 -
Average 3,450 3,266 3,441 2,914 2,669 2,828 1,696 1,433 1,579
Highest 4,487 4,197 4,473 3,501 3,191 3,334 2,044 1,862 2,028
Lowest 1,979 1,624 1,764 2,098 1,743 1,384 950 -94 -358

Updated on February 24, 2021.