Analyst coverage

Institution	Analyst	Recommendation	Target Price B3/ADR	Phone	E-mail
AIR Control Tower	Neil Glynn	—	—	+44 77 1211 8088	neil.glynn@aircontroltower.com
Banco do Brasil	Renato Hallgren	—	—	+55 11 4298 7165	renatoh@bb.com.br
Barclays	Pablo Monsivais	Equal weight	USD 10.00	+1 212 526 1094	pablo.monsivais@barclays.com
BofA	Rogério Araujo	Underperform	R$ 6.80 / USD 3.80	+55 11 2188 4255	rogerio.araujo@bofa.com
Bradesco	Victor Mizusaki	Outperform	R$ 20.00	+55 11 3847 9291	victor.mizusaki@bradescobbi.com.br
BTG Pactual	Lucas Marquiori	Neutral	R$ 17.00	+55 11 3383 9119	lucas.marquiori@btgpactual.com
Citi	Stephen Trent	Buy	USD 20.50	+1 212 816 6901	stephen.trent@citi.com
Deutsche Bank	Michael Linenberg	Buy	USD 6.00	+1 212 250 9254	michael.linenberg@db.com
Eleven Research	Felipe Ruppenthal	Buy	R$ 32.00	+55 11 4302 3340	felipe.ruppenthal@elevenresearch.com
Genial Investimentos	Ygor Bastos	Buy	R$ 28.00	+55 11 3206 8000	ygor.araujo@genial.com.vc
Goldman Sachs	Bruno Amorim	Buy	R$ 7.30 / USD 4.00	+ 55 11 3371-0764	bruno.amorim@gs.com
HSBC	Cenk Orçan	Buy	R$20.00	+90 212 376 46 14	cenkorcan@hsbc.com.tr
Itaú BBA	Gabriel Rezende	Outperform	R$ 24.00	+55 11 3073-3019	gabriel.rezende@itaubba.com
J.P. Morgan	Guilherme Mendes	Neutral	R$ 27.00	+55 11 4950 4105	guilherme.g.mendes@jpmorgan.com
Morgan Stanley	Jens Spiess	Equal weight	USD 7.40	+52 55 5282 6614	jens.spiess@morganstanley.com
Raymond James	Savanthi Syth	Outperform	USD 7.00	+1 727 567 5274	savanthi.syth@raymondjames.com
Safra	Luiz Peçanha	Under Review	—	+55 11 3175 4284	luiz.pecanha@safra.com.br
Santander	Lucas Barbosa	Neutral	R$ 16.50	+55 11 3553 5320	ltbarbosa@santander.com.br
Seaport Global	Daniel McKenzie	Neutral	—	+1 646 760 5496	dmckenzie@seaportrp.com
UBS	Alberto Valerio	Neutral	R$ 10.00	+ 55 11 2767 6918	alberto.valerio@ubs.com
XP Investimentos	Pedro Bruno	Neutral	R$ 14.00	+ 55 11 3526 1452	pedro.bruno@xpi.com.br