| Institution | Analyst | Contact | Recomendation | Target Price | Last Revision |
|---|---|---|---|---|---|
| XP Investimentos | Raul Cavendish | raul.cavendish@xpi.com.br | Buy | R$ 53,40 | 11/12/2025 |
| BTG Pactual | Antonio Junqueira | antonio.junqueira@btgpactual.com | Buy | R$ 53.00 | 06/01/2026 |
| UBS | Giuliano Ajeje | giuliano.ajeje@ubs.com | Buy | R$ 53.00 | 12/05/2025 |
| Santander | André Sampaio | ansampaio@santander.com.br | Outperform | R$ 49,56 | 01/27/2026 |
| Citibank | João Pimentel | joao.pimentel@citi.com | Buy | R$ 49,00 | 12/03/2026 |
| Itaú | Filipe Andrade | fillipe.andrade@itaubba.com | Outperform | R$ 48.70 | 09/03/2025 |
| Scotiabank | Renato Pinto | renato.pinto@scotiabank.com | Outperform | R$ 46,00 | 01/28/2026 |
| JP Morgan | Arthur Pereira | arthur.pereira@jpmchase.com | Overweight | R$ 45.00 | 11/12/2025 |
| HSBC | Lilyanna Yang | lilyanna.yang@us.hsbc.com | Buy | R$ 45.00 | 12/17/2025 |
| Morgan Stanley | Fernando Amaral | Fernando.Amaral@morganstanley.com | Overweight | R$ 45.00 | 10/03/2026 |
| BofA Merrill Lynch | Gustavo Faria | gustavo.faria@bofa.com | Buy | R$ 44,00 | 08/14/2025 |
| Goldman Sachs | Bruno Amorim | bruno.amorim@gs.com | Buy | R$ 44,00 | 07/04/2025 |
| Safra | Carolina Carneiro | carolina.carneiro@safra.com.br | Outperform | R$ 42.80 | 09/15/2025 |
| Bradesco | Francisco Navarrete | francisco.navarrete@bradescobbi.com.br | Outperform | R$ 41.00 | 01/09/2025 |
| Average | R$ 48.35 | ||||
| Minimal | R$ 41.00 | ||||
| Maximum | R$ 53.40 |
Equatorial is covered by the analyst(s) listed above. Please note that any opinions, estimates or forecasts regarding Equatorial´s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Equatorial or its management. Equatorial does not, by its reference above or distribution, imply its endorsement of or concurrence with such information, conclusions or recommendations. Equatorial does not warrant that the above list of analysts is complete nor updated, and the information herein provided are subject to the authorization of the analysts.