Institution Target Price Recommendation
XP Investimentos R$ 24  Hold 
HSBC R$ 24  Hold 
Citi R$ 24  Hold 
JP Morgan R$ 23  Sell 
Brasil Plural R$ 23  Sell 
Itaú BBA R$ 22  Sell 
Bradesco R$ 21  Hold 
BTG Pactual R$ 20  Hold 
Safra R$ 19  Hold 
BoFA - Merrill Lynch R$ 19  Hold 
Santander R$ 18  Hold 
Banco do Brasil R$ 17  Sell 
 
Average R$ 21
Highest R$ 24
Lowest R$ 17

Regulatory Results

Institution
(million)
Net Revenue EBITDA Net Income
2019e 2020e 2021e 2019e 2020e 2021e 2019e 2020e 2021e
Banco do Brasil 2.717 2.821 2.922 2.182 2.257 2.329 1.182 1.255 1.231
Bank of America - ML 2.550 2.627   1.843 1.899   1.240 1.265  
Bradesco BBI 3.011 2.967   2.391 2.319   1.390 1.308  
Brasil Plural 2.609 2.747 2.939 2.099 2.220 2.388 1.182 1.154 1.236
BTG Pactual 2.771 2.802 2.965 1.663 1.691 1.822 1.292 1.459 1.636
Citi 3.030 3.340 2.980 1.840 1.669 1.695 1.882 1.160 995
HSBC 2.841 2.950 3.034 2.265 2.349 2.411 1.036 1.108 1.179
Itaú BBA 2.718 2.838 2.942 2.143 2.274 2.357 1.072 1.118 1.020
JP Morgan 3.472 3.699 3.374 2.470 2.675 2.445 1.851 2.262 2.927
Safra 2.662 2.839 3.002 2.084 2.239 2.379 946 1.047 1.151
Santander  2.642 2.674   2.085 2.097   1.049 1.074  
XP Investimentos 2.731 2.781 2.817 2.208 2.237 2.252 1.245 1.245 1.179
Average 2.813 2.924 2.997 2.106 2.160 2.231 1.281 1.288 1.395
Highest 3.472 3.699 3.374 2.470 2.675 2.445 1.882 2.262 2.927
Lowest 2.550 2.627 2.922 1.663 1.669 1.695 946 1.047 995

Updated on October 21, 2019.