Target Price and Recommendation
Company Analyst Recommendation Share Target Price Target Price Date Net Recurring Income
(R$ Million)
3Q17 2017
Bank of America Merrill Lynch Mario Pierry Buy BBDC4 R$ 42.00 Target (12 months) 4,588 18,735
Brasil Plural Eduardo Nishio Overweight BBDC4 R$ 36.80 Target (12 months) N.A 19,011
BTG Pactual Eduardo Rosman Buy BBDC4 R$ 32.00 Target (12 months)

4,899

19,344
Citigroup Jorg Friedman Neutral BBDC4 R$ 34.00 Target (12 months) 4,447 18,190
CSFB Marcelo Telles Outperform BBDC4 R$ 42.00 Target (12 months) 4,657 18,497
Deutsche Bank

Tito Labarta

Hold BBD $ 8.00 Target (12 months) 4,914 19,692
Goldman Sachs Carlos Macedo Buy BBDC4 R$ 39.00 Target (12 months) 4,696 18,907
HSBC Carlos Gomez Lopez Hold BBDC4 R$ 29.00 Target (12 months) 4,668 18,672
Itaú Thiago B. Batista Outperform BBDC4 R$ 43.40 Target (12 months) 4,859 19,701
JP Morgan Domingos Falavina Neutral BBDC4 R$ 33.00 Target (12 months) 4,560 18,576
Morgan Stanley Jorge Kuri N.A BBD N.A Target (12 months) 4,023 16,218
Santander Henrique Navarro Hold BBDC4 R$ 37.00 Target (12 months) 4,591 18,786
Safra Luis Fernando Azevedo Outperform BBDC4 R$ 41.00 Target (12 months) 4,651 18,329
UBS Philip Finch Neutral BBDC4 R$ 38.00 Target (12 months) 4,715

18,897

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
Safra Luis Fernando Azevedo  luis.azevedo@safra.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.

For more information on Banco Bradesco, please contact the Investor Relations Department at the telephone (11) 2194-0922 and e-mail investidores@bradesco.com.br.