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Santander Brasil (SANB11.SA)*

UBS Rating and Price Target History Chart

Line chart explaining Price target vs Stock Price is described in below table

EQ Rating & Price Target Table

Date	Stock Price (R$)	Price Target (R$)	Rating
2023-08-04	27.82	31.00	Neutral
2024-10-24	28.63	33.00	Neutral
2025-01-16	25.03	29.00	Neutral
2025-04-25	27.88	30.00	Neutral
2025-06-10	28.83	38.00	Buy
2025-11-24	33.09	43.00	Buy
2026-01-22	35.15	44.00	Buy
2026-03-18	29.65	46.00	Buy
2026-04-13	32.03	47.00	Buy
2026-05-04	28.56	48.00	Buy
2026-05-25	27.64	47.00	Buy
2026-06-02	27.36	44.00	Buy
2026-08-23	29.55	34.00	Neutral
2026-10-08	29.08	-	No Rating

Disclosures

UBS BB Corretora de Câmbio provided Banco Santander with valuation reports on Santander Brasil and Banco Santander for use in connection with the Brazilian Exchange Offer, under which Banco Santander intends to acquire all Santander Brasil common shares, preferred shares, units and ADSs not already owned by it, representing approximately 10% of Santander Brasil’s share capital.
This company/entity is, or within the past 12 months has been, a client of UBS Securities LLC and/or its affiliates, and investment banking services are being, or have been, provided.
Within the past 12 months, UBS has received compensation for products and services other than investment banking services from this company/entity.
UBS Securities LLC makes a market in the securities and/or ADRs of this company.
Because this security exhibits higher-than-average volatility, the FSR has been set at 15% above the MRA for a Buy rating, and at -15% below the MRA for a Sell rating (compared with 6/-6% under the normal rating system).

Note : Historical Price Targets have been adjusted to account for any stock splits, rights issues and/or dividends which may have occurred for this security. Not Priced: Stock was not priced on the given date. No Rating: Issuer was not rated by UBS on the given day. No Price Target: For this issuer no Price Target was set by UBS on the given day. Issuers with an EQ Rating & Price Target Table are covered by UBS-IB Equity Research Analysts. Issuers without an EQ Rating & Price Target Table are not single stock covered.

* Issuers marked with an asterisk are covered by UBS-IB Equity Research Analysts. Issuers without an asterisk are not single stock covered.