Institution Target Price Recommendation
HSBC R$ 24  Hold 
Citi R$ 24  Hold 
JP Morgan R$ 23  Sell 
Brasil Plural R$ 23  Sell 
XP Investimentos R$ 22  Hold 
Itaú BBA R$ 21  Hold 
Bradesco R$ 21  Hold 
BTG Pactual R$ 20  Hold 
Safra R$ 19  Hold 
BoFA - Merrill Lynch R$ 19  Hold 
Santander R$ 19  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
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 2927
XP Investimentos 2.731 2.781 2.817 2.208 2.237 2.252 1.245 1.245 1179
HSBC 2.841 2.950 3.034 2.265 2.349 2.411 1.036 1.108 1179
Itaú BBA 2.791 3.048 3.309 2.258 2.488 2.714 1.310 1.446 1630
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 1236
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 1151
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 1231
BTG Pactual 2.771 2.802 2.965 1.663 1.691 1.822 1.292 1.459 1636
Average 2.819 2.941 3.038 2.116 2.178 2.271 1.300 1.315 1.463
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 1.663 1.669 1.695 946 1.047 995

Updated on August 15, 2019.