Institution Target Price Recommendation
Eleven Financial R$ 25  Hold 
HSBC R$ 25  Buy 
XP Investimentos R$ 24  Hold 
JP Morgan R$ 23  Sell 
Safra R$ 23  Hold 
Banco do Brasil R$ 22  Sell 
BoFA - Merrill Lynch R$ 22  Sell 
BTG Pactual R$ 22  Hold 
Citi R$ 22  Hold 
Goldman Sachs R$ 22  Sell 
Itaú BBA R$ 22  Sell 
Bradesco R$ 21  Hold 
Santander R$ 21  Sell 
Brasil Plural R$ 20  Sell 
 
Average R$ 23
Highest R$ 25
Lowest R$ 20

Regulatory Results

Institution
(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 2.974 3.149 3.335 2.312 2.448 2.593 1.412 1.555 1.681
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 2.863 3.035 3.176 2.239 2.386 2.521 1.133 1.213 1.284
Santander  2.674     2.097     1.074    
XP Investimentos 2.781 2.817   2.237 2.252   1.245 1.179  
Average 2.887 3.050 3.225 2.293 2.446 2.592 1.204 1.280 1.406
Highest 3.096 3.290 3.445 2.496 2.696 2.867 1.412 1.608 1.681
Lowest 2.674 2.694 2.838 2.097 2.096 2.211 950 867 881

Updated on March 18, 2020.