Target Price and Recommendation
Company Analyst Recommendation Share Target Price Target Price Date Net Recurring Income
(R$ Million)
1Q17 2017
Bank of America Merrill Lynch Mario Pierry Buy BBDC4 R$ 31.00 Target (12 months) 4,668 19,072
Brasil Plural Eduardo Nishio Overweight BBDC4 R$ 36.80 Target (12 months) 4,698 19,011
BTG Pactual Eduardo Rosman Buy BBDC4 R$ 32.00 Target (12 months)

4,649

19,148
Citigroup Jorg Friedman Neutral BBDC4 R$ 33.00 Target (12 months) 4,395 17,631
CSFB Marcelo Telles Outperform BBDC4 R$ 36.36 Target (12 months) 4,435 19,173
Deutsche Bank

Tito Labarta

Hold BBD $ 8.00 Target (12 months) 4,431 19,082
Goldman Sachs Carlos Macedo Neutral BBDC4 R$ 35.20 Target (12 months) 4,735 18,395
HSBC Carlos Gomez Lopez Hold BBDC4 R$ 29.00 Target (12 months) 4,555 18,218
Itaú Thiago B. Batista Outperform BBDC4 R$ 32.70 Target (12 months) 5,105 19,097
JP Morgan Domingos Falavina Neutral BBDC4 R$ 32.73 Target (12 months) 4,342 17,996
Morgan Stanley Jorge Kuri Underweight BBD $ 9.00 Target (12 months) N/A 15,490
Santander Henrique Navarro Hold BBDC4 R$ 34.00 Target (12 months) 4,411 18,554
UBS Philip Finch Neutral BBDC4 R$ 34.50 Target (12 months) 4,581

18,153

Bank of America Merrill Lynch Mario Pierry mario.pierry@baml.com
Brasil Plural Eduardo Nishio eduardo.nishio@brasilplural.com
BTG Pactual Eduardo Rosman Eduardo.Rosman@btgpactual.com
Citigroup Jorg Friedman jorg.friedman@citi.com
CSFB Marcelo Telles marcelo.telles@credit-suisse.com
Deutsche Bank Tito Labarta tito.labarta@db.com
Goldman Sachs Carlos Macedo carlos.macedo@gs.com
HSBC Carlos Gomez Lopez carlos.gomezlopez@us.hsbc.com
Itaú Unibanco Thiago B. Batista thiago.batista@itaubba.com
JP Morgan Domingos Falavina domingos.falavina@jpmorgan.com
Morgan Stanley Jorge Kuri Jorge.Kuri@morganstanley.com
Santander Henrique Navarro havieira@santander.com.br
UBS Philip Finch philip.finch@ubs.com

The information relevant to the analyses presented herein is analyzed by various financial institutions and independent analysts through reports that are in the public domain. This information does not represent an offer to buy or sell securities issued by any company. The opinions expressed by this information may be changed with no advance notice. As such, we emphasize that the reports are prepared on an independent basis by their authors, on their own behalf and at their own risk, and do not represent the position or opinion of Banco Bradesco regarding any of the matters covered. Accordingly, Bradesco bears no responsibility whatsoever for any of the information, orientations or analyses contained in the reports published by the analysts or institutions cited or by any other author, for whatever occasion or purpose.

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