| Institution | Analyst | Phone | Recommendation | AZUL3 TP | AZUL TP | |
|---|---|---|---|---|---|---|
| Bradesco | Andre Ferreira | +55 11 99608 4771 | andre.ferreira@bradescobbi.com.br | Neutral | R$24.00 | – |
| BWS Financial | Hamed Khorsand | (818) 332 9696 | Hamed@bwsfinancial.com | Buy | R$50.00 | – |
| Deutsche Bank |
Michael Linenberg | +1 212 250 9254 | michael.linenberg@db.com | Buy | – | US$11.00 |
| Goldman Sachs | João Frizo | +55 11 3372 0103 | joao.frizo@gs.com | Neutral | R$20.70 | US$8.10 |
| J.P. Morgan | Guilherme Mendes | +55 11 4950 4105 | guilherme.g.mendes@jpmorgan.com | Neutral | – | – |