Institution Target Price Recommendation
Itaú BBA BRL26 Buy
JP Morgan BRL25 Buy
HSBC BRL24 Buy
Eleven Financial BRL24 Hold
Ativa Investimentos BRL23 Hold
XP Investimentos BRL23 Hold
Safra BRL23 Hold
BTG Pactual BRL22 Hold
Itaú BBA BRL22 Buy
Banco do Brasil BRL22 Hold
Bank of America - ML BRL22 Hold
Goldman Sachs BRL22 Sell
Brasil Plural BRL22 Hold
Bradesco BBI BRL21 Hold
Santander BRL21 Sell
 
Average BRL23
Highest BRL26
Lowest BRL21

Regulatory Results

Institution
(BRL million)
Net Revenue EBITDA Net Income
2020e 2021e 2022e 2020e 2021e 2022e 2020e 2021e 2022e
Banco do Brasil 3.096 3.208 3.166 2.496 2.578 2.485 1.345 1.356 1.232
Merrill Lynch 2.799 2.940 3.161 2.270 2.388 2.582 1.261 1.367 1.677
Bradesco BBI 2.967     2.319     1.308    
Brasil Plural 2.993 3.159 3.301 2.405 2.684 2.867 1.162 1.272 1.381
BTG Pactual 2.841 2.806 3.194 1,769 1,744 2.060 1.302 1.273 1.690
Citi 2.674 2.694 2.838 2.098 2.096 2.211 950 867 881
Goldman Sachs 3.022 3.290 3.445 2.381 2.607 2.732 1.371 1.460 1.573
HSBC 2.950 3.034   2.349 2.411   1.108 1.179  
Itaú BBA 2.838 2.942 3.190 2.274 2.357 2.558 1.118 1.020 1.271
JP Morgan 2.906 3.280 3.411 2.338 2.696 2.784 1.168 1.608 1.677
Safra 3.215 3.630 3.822 2.621 3.018 3.180 1.491 1.687 1.842
Santander  2.674     2.097     1.074    
XP Investimentos 2.781 2.817   2.237 2.252   1.245 1.179  
Average 2.904 3.073 3.281 2.281 2.439 2.607 1.223 1.297 1.469
Highest 3.215 3.630 3.822 2.621 3.018 3.180 1.491 1.687 1.842
Lowest 2.674 2.694 2.838 1.769 1.744 2.060 950 867 881

Updated on September 15, 2020.