| Institution | Target Price (R$) | Last Revision |
| Itaú Securities | 34.50 | 09/25/2012 |
| Merrill Lynch | 31.00 | 11/08/2012 |
| Fator | 32.00 | 02/07/2012 |
| HSBC | 27.00 | 09/18/2012 |
| Morgan Stanley | 26.20 | 09/25/2012 |
| BB Investimentos | 30.50 | 12/30/2010 |
| Safra | 30.00 | 10/04/2011 |
| Santander | 32.00 | 12/20/2011 |
| Citi | 28.00 | 10/29/2012 |
| Bradesco | 33.80 | 11/10/2012 |
| BTG Pactual | 31.00 | 04/04/2012 |
| JP Morgan | 31.00 | 10/26/2012 |
| Votorantim Corretora | 32.00 | 04/18/2012 |
| Deutsch Bank | 28.00 | 06/16/2012 |
(*) Information available in Portuguese only
| Target Price (R$) - 14 Brokers | |
| Mean | 28.03 |
| Standard Deviation | 3.29 |
| Highest | 33.30 |
| Lowest | 19.30 |
| Recommendations - 14 Brokers | |
| Buy | 43% |
| Hold / Neutral | 43% |
| Sell | 29% |
| Under Review | 0% |
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