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Analysts and Recommendations

Stock Price PN:
Stock Price ADS:
Number of Brokerage Firms: 18 Fiscal Year: PN ADS
Buy/ Overperform/ Overweight/ Outperform 38.9% Average (*) R$ 13.61 US$ 24.04
Neutral/ Hold/ In Line/ Marketperform/ Equal-weight 55.6% Standard Deviation (*) 5.74 4.38
Sell/ Underperform/ Underweight/ Market Underperform 5.6% Higher (*) R$ 26.70 US$ 29.00
Under Review - Lower (*) R$ 8.00 US$ 18.50

Institution Analyst Recommendation Target Price
R$
Target Price
ADS US$
Telephone
Banco do Brasil Renato Hallgren Outperform 12.00 19.00 (55 11) 3149 8430
Bank of America Roberto Otero Buy - 28.00 (55 11) 2188 4552
Bradesco Corretora Victor Mizusaki Outperform 18.00 - (55 11) 2178 5327
BTG Pactual Renato Mimica Buy 13.00 - (55 11) 3383-2868
BRG Buckingham Daniel Mckenzie Buy - 29.00 (1 212) 922 5531
Citibank Stephen Trent Neutral - 25.00 (1 212) 816-6901
Credit Suisse Felipe Vinagre Neutral 8.50 - (55 11) 3701-6333
Deutsche Bank Michael Linenberg Buy - 27.00 (1 212) 250-9254
Evercore ISI Duane Pfennigwerth In Line - 18.00 (212) 497-0817
GBM Mauricio Martínez V. Market Underperform 8.90 - (52 55) 5480-5800
HSBC Ravi Jain Hold 8.00 - (1 212) 525 3442
Itaú BBA Renata Faber Market Perform UR UR (55 11) 3073-3493
JP Morgan Fernando Abdalla Neutral 12.50 - (55 11) 4950-3463
Morgan Stanley Josh Milberg Equal-weight - 22.30 (55 11) 3048-6238
Raymond James Syth Savanthi Market Perform - NM (1 727) 567 5274
Safra Luiz Peçanha Outperform 26.70 - (55 11) 3175-4284
Santander Bruno Amorim Hold 11.00 - (55 11) 3012-6016
UBS Rogerio Araujo Neutral 17.50 - (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.