Institution	Analyst	Target Price	Rating	Date
Banco do Brasil	Gabriela Cortez	R$ 56.00	Outperform	Jul-18
Bank of America Merrill Lynch	George Staphos	R$ 30.00	Buy	Jan-18
Bradesco	Thiago Lofiego	R$ 73.00	Outperform	Jun-18
BTG Pactual	Leonardo Correa	R$ 65.00	Buy	May-18
Citi	Juan Tavarez	R$ 58.00	Buy	Out-18
Credit Suisse	Ivano Westin	R$ 46.00	Outperform	Apr-18
HSBC	Jonathan Brandt	R$ 57.60	Buy	Out-18
Itaú BBA	Marcos Assumpção	R$ 61.00	Outperform	Jun-18
JP Morgan	Caio Ribeiro	N.A.	-	-
Morgan Stanley	Carlos De Alba	N.A.	-	-
Santander	Renato Maruichi	R$ 60.00	Buy	May-18
UBS	Andreas Bokkenheuser	R$ 42.00	Neutral	Apr-18
XP Investimentos	Karel Luketic	R$ 67.50	Buy	Jul-18

Average		R$ 56.00
Lowest		R$ 30.00
Highest		R$ 73.00

^{Source: Bloomberg and Brokers' Researches}

Legend of recommendations:

Buy/ Outperform/ Overweight = expectation from na analist that the stock will outperform, within the next 12 months, the average return rate of all stocks this analist covers

Neutral/ Market perform/ Equal weight = expectation from na analist that, within the next 12 months, the stock will perform in line with the average return rate of all stocks this analist covers

Sell/ Underperform/ Underweight = expectation from na analist that the stock will underperform, within the next 12 months, the average return rate of all stocks this analist covers

 

Institution	Analyst	Phone	E-mail
Bank of America Merrill Lynch	Roy Yackulic	+1 646 855 5490	roy.yackulic@baml.com
Barclays	Andrew de Luca	+1 212 412 3428	andrew.deluca@barclays.com
BNP Paribas	Damien Botton	+55 11 3841 3251	damien.botton@br.bnpparibas.com
BTG Pactual	Thomas Takats Tenyi	+1 646 924 2477	thomas.tenyi@btgpactual.com
Citigroup	Nicolas Fabiancic	+1 212 723 1684	nicolas.fabiancic@citi.com
Itaú BBA	Ciro Matuo	+55 11 3073 3049	ciro.matuo@itaubba.com
JP Morgan	Júlio Arantes	+1 212 834 4317	julio.p.arantes@jpmorgan.com
Morgan Stanley	John Haugh	+1 212 761 5547	john.haugh@morganstanley.com
SMBC Nikko	Roger K. Horn	+1 212 224 5332	rhorn@smbcnikko-si.com