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PLEASE READ THESE TERMS OF USAGE CAREFULLY AND THOROUGHLY. As used herein the terms “you” and “User” shall mean any visitor to this website.
By accessing this website (the "Site") and accessing and/or utilizing any services offered and/or made available by Itaú Corretora de Valores S.A. (“Itaú BBA”) and/or by its affiliates through this Site (the "Services"), you expressly agree that you accept these Terms of Usage. Please be further advised that we reserve the right to change these Terms of Usage from time to time in our sole discretion without prior notice to you other than posting of any such changes on the Site.
If you object to or in any way disagree with these Terms of Usage, you may not make use of this Site or any Services offered or provided hereby.
Itaú BBA may monitor, track and record any use of this Site by Users. Anyone using this Website expressly consents to such monitoring, tracking and recording.
Although the information in this Site is based upon information that Itaú BBA deems correct, Itaú BBA does not warrant or represent that this information is in fact accurate, current or complete, and it should not be relied upon as such.
The website is made available to you "as is" and "as available". Itaú BBA, our affiliates, and any third party data providers (i) disclaim any warranties and representations of any kind relating to the website, including any implied warranties of merchantability, non-infringement of third party rights, freedom from viruses or other malicious or harmful code, or fitness for a particular purpose; (ii) do not extend or provide warranties and representations regarding the website; (iii) do not warrant the accuracy, adequacy, or completeness of the information and materials contained on the website and expressly disclaims liability for errors or omissions in the materials and information; (iv) will not be liable for any delay, viruses, malicious code or other defect in this website, any incompatibility with the user's files and the user's browser or other site accessing program, or any other problems experienced by the user due to causes beyond our control, including difficulty in use.
Under no circumstances will Itaú BBA be liable for any lost profits or any indirect, consequential, incidental, special, punitive, or exemplary damages arising out of any use of or inability to use the website, regardless of the form of action, whether in contract, warranty, tort (including negligence), strict liability, or otherwise.
Itaú BBA does not assume any liability for unauthorized or fraudulent use of this site or of any of the services referred to herein or made available hereby.
The works of authorship contained in the www.itausecurities.com Web site (the "Web site"), including but not limited to all design, text and images, are owned, except as otherwise expressly stated, by Itaú Unibanco S.A. or one of its subsidiaries, Except as otherwise expressly stated herein, they may not be copied, transmitted, displayed, performed, distributed (for compensation or otherwise), licensed, altered, stored for subsequent use, frame or otherwise used in whole or in part in any manner without Itaú Unibanco S.A. written consent, except to the extent permitted by the Copyright Act of 1976 (17 U.S.C. § 107), as amended, and then, only with notices of Itaú Unibanco S.A. proprietary rights.
Not all Services referred to herein are available in all geographic areas where Itaú BBA and/or its affiliates maintain a presence.
This Site may contain links to Internet sites maintained by third parties (the "Third Party Sites"). Please note that when you click on one of these links, you may be moving to another provider's website. Itaú BBA makes no representations concerning any Third Party Sites, their respective contents or the suitability or appropriateness of the products or transactions described therein. Our providing a link to a Third Party Site does not constitute an endorsement or authorization thereof or an affiliation therewith.
Some of the products described in the Site or made available from the Site involve significant risks, and the User should not enter into any transactions unless he/she fully understands all such risks and has independently determined that such transactions are advisable. A discussion of the risks relating to any product should not be considered to be a disclosure of all risks or a complete discussion of the risks which are mentioned. The User must not construe the information contained herein as business, financial, investment, legal, regulatory, tax or accounting advice, and should consult independent business advisors, attorneys, and tax and accounting advisors concerning any transactions being contemplated.
Itaú BBA and Itaú Securities are brand names and marks used by Itaú Corretora de Valores S.A., by its subsidiaries and affiliates worldwide and by other companies of the Itaú Unibanco Group. Itau BBA USA Securities, Inc. is an affiliate of Itaú Corretora de Valores S.A. and a member of SIPC and FINRA.
Ratings(1) : Definitions(2), Dispersion(3) and Banking Relationships(4)
(1) The ratings used herein (Outperform, Market Perform and Underperform) correspond approximately to Buy, Hold and Sell, respectively.
(2) Ratings reflect the analyst’s assessment of the stock price performance in the medium term compared with market average. Recommendations will remain valid until the analyst changes the rating, which may happen as a result of news or simply due to a change in the stock price (there is no defined time horizon). Companies are grouped into industries, according to their similarities. The industries are: (i) Banking & Financial Services, (ii) Consumer Goods & Retail + Food & Beverage, (iii) Healthcare + Education, (iv) Steel & Mining + Pulp & Paper, (v) Oil, Gas & Petrochemicals + Agribusiness, (vi) Real Estate, (vii) Telecommunications, Media and Technology, (viii) Transportation, Manufacturing and Logistics, (ix) Utilities, and (x) Equity Strategy.
(3) Percentage of companies covered by Itaú Corretora de Valores S.A. within this rating category.
(4) Percentage of companies within this rating category, for which Itaú Unibanco S.A. or any of its affiliated companies provided investment banking services over the last 12 (twelve) months, or which may be provided during the next 3 (three) months.
This report has been produced by Itaú Corretora de Valores S.A (“Itaú BBA”), a subsidiary of Itaú Unibanco S.A., regulated by the Securities and Exchange Commission of Brazil (CVM), and distributed by Itaú BBA or one of its affiliates (altogether, “Itaú Unibanco Group”). Itaú BBA is the brand name used by Itaú Corretora de Valores S.A., by its affiliates or by other companies of the Itaú Unibanco Group.
This report aims at providing information only and does not constitute, and should not be construed as an offer to buy or sell, or a solicitation of an offer to buy or sell any financial instrument, or to participate in any particular trading strategy in any jurisdiction. The information herein is believed to be reliable as of the date on which this report was issued and has been obtained from public sources believed to be reliable. Itaú Unibanco Group does not make any express or implied representation or warranty as to the completeness, reliability or accuracy of such information, nor does this report intend to be a complete statement or summary of the investment strategies, markets or developments referred to herein. Opinions, estimates, and projections expressed herein constitute the current judgment of the analyst responsible for the substance of this report as of the date on which it was issued and are, therefore, subject to change without notice. Prices and availability of financial instruments are indicative only and subject to change without notice. Itaú Unibanco Group has no obligation to update, modify or amend this report and inform the reader accordingly, except when terminating coverage of the issuer of the securities discussed in this report.
The analyst responsible for the production of this report, whose name is highlighted in bold, hereby certifies that the views expressed herein accurately and exclusively reflect his or her personal views and opinions about any and all of the subject issuers or securities and were prepared independently and autonomously, including from Itaú BBA, Banco Itaú BBA S.A and other group companies. Because personal views of analysts may differ from one another, Itaú BBA, its subsidiaries and affiliates may have issued or may issue other reports that are inconsistent with, and/or reach different conclusions from, the information presented herein. The analyst responsible for the production of this report is not registered and/or qualified as a research analyst with the NYSE or FINRA and is not associated with Itau BBA USA Securities, Inc. and, therefore, may not be subject to Rule 2711 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.
An analyst’s compensation is determined based upon the total revenues of Itaú BBA, a portion of which is generated through investment banking activities. Like all employees of Itaú BBA, its subsidiaries and affiliates, analysts receive compensation that is linked to global earnings. Therefore, analyst’s compensation can be considered to be indirectly related to this report. However, the analyst responsible for the content of this report hereby certifies that no part of his or her compensation was, is, or will be directly or indirectly related to any specific recommendation or opinion herein or linked to the pricing of any of the securities discussed herein. Itaú Unibanco Group and the funds, portfolios and securities investment clubs managed by Itaú Unibanco Group may have a direct or indirect stake equal to no more than 1% (one percent) of the capital stock of the companies, and may have been involved in the acquisition, sale or trading of such shares in the market.
The financial instruments discussed in this report may not be suitable for all investors. This report does not take into account the investment objectives, financial situation or particular needs of any particular investor. Investors wishing to purchase or otherwise deal in the securities covered in this report should obtain relevant documents relating to the financial instruments and exchanges and confirm their contents. Investors should obtain independent financial advice based on their own particular circumstances before making an investment decision based on the information herein. Final decision on investments must be made by each investor considering various risks, fees and commissions. If a financial instrument is denominated in a currency other than an investor’s currency, changes in exchange rates may adversely affect the price or value of, or the income derived from the financial instrument, and the reader of this report assumes all foreign exchange risks. Income from financial instruments may vary, and therefore their price or value may rise or fall, either directly or indirectly. Past performance does not necessarily indicate future results, and no representation or warranty, express or implied, is made herein regarding future performance. Itaú Unibanco Group does not accept any liability whatsoever for any direct or consequential loss arising from the use of this report or its content, and the investor using this report undertakes to irrevocably exempt the Itaú Unibanco Group from any claims, complaints and/or demands.
This report may not be reproduced or redistributed to any other person, in whole or in part, for any purpose, without the prior written consent of Itaú BBA. Additional information on the financial instruments discussed in this report is available upon request.
As required by the Brazilian Securities and Exchange Commission rules, the analysts responsible for this report indicate potential conflict situations in the table below of “Relevant Information”.
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Conflicts of Interests