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

Regulatory Results

Institution
(million)
Net Revenue EBITDA Net Income
2019e 2020e 2021e 2019e 2020e 2021e 2019e 2020e 2021e
Citi 3.030 3.340 2.980 1.840 1.669 1.695 1.882 1.160 995
JP Morgan 3.472 3.699 3.374 2.470 2.675 2.445 1.851 2.262 2.927
XP Investimentos 2.731 2.781 2.817 2.208 2.237 2.252 1.245 1.245 1.179
HSBC 2.850 2.908   2.294 2.330   1.091 1.134  
Itaú BBA 2.791 3.048 3.309 2.258 2.488 2.714 1.310 1.446 1.630
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
Bank of America - ML 2.550 2.627   1.843 1.899   1.240 1.265  
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  
Banco do Brasil 2.717 2.821 2.922 2.182 2.257 2.329 1.182 1.255 1.231
BTG Pactual 2.582 2.819   1.544 1.736   1.143 1.254  
Average 2.804 2.939 3.049 2.108 2.180 2.315 1.293 1.300 1.478
Highest 3.472 3.699 3.374 2.470 2.675 2.714 1.882 2.262 2.927
Lowest 2.550 2.627 2.817 1.544 1.669 1.695 946 1.047 995

Updated on July 18, 2019.