Itaú BBA reiterated its outperform rating on BR Partners (BRBI11.SA) and set a 2026 target price of R$22. The bank cited the company’s resilient investment thesis, supported by diversified revenue and consistent execution despite a weak mergers and acquisitions market.
Debt capital markets (DCM), restructuring, and special situations have helped BR Partners maintain profitability above 20%, according to the report.
Itaú BBA sees signs of recovery in the M&A pipeline for 2026, which could significantly lift investment banking revenue. The Wealth Management division is also gaining traction as a source of recurring revenue.
The bank raised its 2026 estimates and projects profit growth of 17%. It expects a 22% return on equity (ROE).
At the time the report was released, BR Partners units were up 1.78%. They were trading at R$18.90.