Capital Market Analysts

The Gerdau companies have reports written and published by financial analysts. Gerdau does not guarantee or endorse any conclusions presented by these institutions and analysts. For copies of these reports, please contact the institution or the analyst of your choice directly and at your own risk. This list does not include all analysts and institutions that follow and publish reports on Gerdau. Gerdau reserves the right to include the names of analysts and institutions in this list. Any opinion, estimates or projections of the performance of the Gerdau companies do not represent the opinion, projections or estimates of Gerdau or its management. The list below does not mean that Gerdau endorses or agrees with the information, conclusions or recommendations presented by these analysts and institutions. Should you be interested in including the name of an analyst or institution, we kindly ask you to send an e-mail to inform@gerdau.com.br.

INSTITUTION	ANALYST	DATE	TARGET PRICE	RATING
Credit Suisse	Caio Ribeiro	01/14/20	R$26.00	Outperform
Itaú	Daniel Sasson	05/06/20	R$11.00	Neutral
Bradesco	Thiago Lofiego	05/06/20	R$10.00	Neutral
HSBC	Jonathan Brandt	01/16/20	R$23.00	Buy
BofA Merrill Lynch	Timna Tanners	04/10/19	R$20.00	Buy
Goldman Sachs	Thiago Ojea	05/06/20	R$14.00	Buy
BTG Pactual	Leonardo Correa	05/06/20	R$16.00	Buy
JP Morgan	Rodolfo Angele	05/06/20	R$15.00	Overweight
Santander	Gustavo Allevato	09/30/19	R$19.20	Buy
XP	Yuri Pereira	04/24/20	R$13.00	Buy
Banco do Brasil	Gabriela E Cortez	10/11/19	R$19.00	Outperform
Citi	Alex Hacking	09/03/19	R$16.00	Buy
Morgan Stanley	Carlos de Alba	05/10/20	R$13.70	Equal-weight

Legenda
Buy	Overweight Outperform Buy	The analyst expects the stock to perform better than market average.
Neutral	Equal weight Market perform Neutral	The analyst expects the stock to perform in line with market average.
Sell	Underweight Underperform Sell	The analyst expects the stock to perform below market average.