Analysts

The following list includes references to research analysts from banks and financial institutions regularly publishing research on the shares of CTT – Correios de Portugal, S.A. (“CTT”). Hence, this consensus includes only analysts having published updates in the last 12 months. Due to its dynamic nature, it is not possible to ensure that this list is permanently complete and updated.

Hence, it is presented merely for information purposes and does not constitute an offer or solicitation to buy, keep or sell shares or any other financial instruments, nor does it represent an advice, recommendation or suggestion by CTT to invest in or disinvest from any financial instrument.

Updated: 20-11-2017

Institution Analyst Target price Recommendation  Date
Jefferies Jefferies € 3.25 Hold 20-11-2017
Morgan Stanley Penelope Butcher €4.25 Equal-weight 14-11-2017
BBVA Daniel Ortea Hernandez €4.20 Outperform 06-11-2017
Barclays Mark McVicar €3.80 Equal-weight 06-11-2017
Goldman Sachs Matija Gergolet €4.30 Neutral 03-11-2017
CaixaBI Artur Amaro €4.70 Buy 03-11-2017
Santander João Safara Under review Under review 03-11-2017
Intermoney António Seladas €4.10 Neutral 03-11-2017
JP Morgan Christopher G Combe €4.80 Neutral 01-11-2017
Haitong Bank Nuno Estácio €3.90 Neutral 01-11-2017
BPI Bruno Silva €4.70 Underperform 31-10-2017
Main First Tobias Sittig €5.00 Neutral 31-10-2017
Fidentiis Patricia Cifuentes Under Review Under Review 15-02-2017

Disclaimer:

This list was drafted on the basis of opinions on the performance of the CTT shares regularly delivered by research analysts of the institutions mentioned in the table above. Any opinions, estimates, assessments, forecasts or predictions made by said research analysts regarding CTT share performance within the securities market are of their sole and exclusive responsibility and do not represent opinions, estimates, assessments, forecasts or predictions of CTT or its management. CTT’s reference within this website to such information, assessments, conclusions or recommendations does not imply an endorsement of or agreement with such opinions.

CTT does not assume any responsibility whatsoever regarding the accuracy of the information in this list, nor regarding any use of this information, namely in the making of investment or disinvestment decisions. Thus being, CTT shall not have any liability whatsoever for damages or losses arising from the use of the information herein, nor does it undertake any obligation to update it.

The recommendations of a given institution are based on the estimates of the analysts who produced the reports and provided the information to CTT and must be viewed in their full context. In particular, consideration should be taken of (i) the full text of the research the recommendations are based on, (ii) the share price at the time of writing, and (iii) the full range of recommendations employed by that institution. The recipients of this information are invited and advised to obtain counselling from their financial intermediaries and the public information disclosed by CTT in www.ctt.pt and in www.cmvm.pt, before making any investment decision regarding CTT shares or any other related financial instrument.