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| Firm | Analyst | Recommendation | Target Price | Last Revision |
| Banco Fator | Jacqueline Lison | Buy | R$ 44.00 | 04/04/2011 |
| Felipe Rocha | ||||
| Luiz Guilherme Fonseca | ||||
| Bank of America Merrill Lynch | Mauricio Fernandes | Buy | R$ 14.00 | 05/10/2013 |
| Bradesco | Luis Azevedo Tales Lima Freire |
Outperform |
R$ 15.50 | 05/13/2013 |
| Brasil Plural | Daniela Guanabara Patricia Meirelles Ruben Couto |
Buy |
R$ 40.00 | 12/13/2012 |
| BTG Pactual | J. C. Santos Pedro Montenegro |
Buy | R$ 15.00 | 05/07/2013 |
| Coinvalores | Sandra Peres | Buy | R$ 38.50 | 04/19/2012 |
| Credit Suisse | Clarissa Berman |
Buy | R$ 32.00 | 11/23/2011 |
| HSBC | Luciano Campos | Neutral | R$ 37.00 | 11/26/2012 |
| Itaú | Thiago Macruz | Outperform | R$ 13.70 | 05/13/2013 |
| J.P. Morgan | Marcelo Santos | Buy | R$ 46.00 | 01/16/2013 |
| J. Safra | Marcio Osako | Neutral | R$ 13.20 | 05/13/2013 |
| Morgan Stanley | Javier Martinez de Olcoz Cerdan |
Overweight |
R$ 16.40 | 05/13/2013 |
| Santander | Bruno Giardino | Buy | R$ 43.50 | 01/31/2013 |
Anhanguera Educacional is covered by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Anhanguera Educacional´s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Company or its management. Anhanguera Educacional does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations. The Company 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.