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Analysts and Recommendations

Stock Price:
Number of Brokerage Firms: 16 Fiscal Year: 2017
Buy/ Overperform / Overweight 33.3% Average (*) R$ 10.66
Neutral/ Manter/ Marketperform/ Equal-weight 60.0% Standard Deviation (*) 1.84
Sale/ Underperform/ Underweight 6.7% Bigger (*) R$ 13.00
Under Review - Smaller (*) R$ 8.00

Institution Analyst Recommendation Target Price
R$
Target Price
ADS US$
Telephone
Banco do Brasil Renato Hallgren Buy 9.50 14.90 (55 11) 3149 8430
Bank of America Sara Delfim Buy 12.64 20.00 (55 11) 2188 4552
Bradesco Corretora Victor Mizusaki Buy 13.00 17.50 (55 11) 2178 5327
BTG Pactual Renato Mimica Buy 13.00 - (55 11) 3383-2868
Citibank Stephen Trent Neutral 10.43 16.50 (1 212) 816-6901
Credit Suisse Felipe Vinagre Neutral 8.50 - (55 11) 3701-6333
Deutsche Bank Michael Linenberg Buy 12.64 20.00 (1 212) 250-9254
Evercore ISI Duane Pfennigwerth Neutral 8.22 13.00 (212) 497-0817
GBM Mauricio Martínez V. Sell 8.90 - (52 55) 5480-5800
HSBC Ravi Jain Neutral 8.00 - (1 212) 525 3442
Itaú BBA Renato Salomone Neutral NM NM (55 11) 3073-3493
JP Morgan Fernando Abdalla Neutral 12.00 - (55 11) 4950-3463
Morgan Stanley Ricardo Alves Neutral 11.44 18.10 (55 11) 3048-6238
Raymond James Syth Savanthi Neutral NM NM (1 727) 567 5274
Santander Bruno Amorim Neutral 11.00 17.40 (55 11) 3012-6016
UBS Rogerio Araujo Neutral 10.00 - (55 11) 3513-6595

GOL is covered by the analyst(s) listed above. Please note that any opinions, estimates or forecasts regarding GOL´s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of GOL or its management. GOL does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations. GOL 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.