BTG Pactual
BTG Pactual is a São Paulo-based Brazilian investment bank and financial group with asset and wealth management, corporate lending and consumer finance businesses. Extel has ranked its research team first for Latin America every year since 2021.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 1512M
- Actions
- 1512M
- Ratings / Price targets
- 0 / 15
- Median upside
- +45.6%
- On record
- Feb 2013 – Sep 2026
Overview
Led by Carlos Sequeira, the research team covers Brazilian and wider Latin American equities with analysts in São Paulo, New York, Mexico City, Santiago and Bogotá, and publishes model portfolios such as the 10SIM Brazil portfolio. It shared first place with Itaú BBA in Extel's 2025 and 2026 Latin America surveys. He said in 2018 that most of its analysts were partners of the bank, and Institutional Investor reported in 2019 that this partner model supported long tenures, with lead analysts averaging 14 years at the firm.
Pactual was founded in Rio de Janeiro in 1983 as a securities brokerage and began operating as a bank in 1989. UBS bought it in 2006, forming UBS Pactual; in 2009 BTG, founded in 2008 by André Esteves with other former Pactual partners and UBS executives, bought it back and created BTG Pactual. It bought a controlling stake in Banco Pan in 2011, listed in São Paulo and acquired brokerages in Chile and Colombia in 2012, and completed its purchase of Banco Pan in 2021.
Milestones
- 1983
Pactual founded as a securities brokerage in Rio de Janeiro
- 2006
UBS acquires Banco Pactual, forming UBS Pactual
- 2009
BTG acquires UBS Pactual, creating BTG Pactual
- 2012
IPO; acquires Celfin Capital (Chile) and Bolsa y Renta (Colombia)
- 2021
Completes purchase of Banco Pan
- 2025
Federal Reserve approves BTG Pactual Bank, N.A.
Firm facts
- Legal name
- Banco BTG Pactual S.A.
- Type
- Full-service
- Founded
- 1983
- Headquarters
- São Paulo, Brazil
- Listing
- B3: BPAC11
- Chief Executive Officer
- Roberto Sallouti
- Head of Research
- Carlos Sequeira
- Rating scale
- BuyNeutralSell12 months
- Website
- btgpactual.com
Research philosophy
More than financials and modelling, in markets like Latin America, investors need research teams with deep knowledge of industries, companies, regulators and policymakers.
Research head Carlos Sequeira describes a collaborative process in which BTG Pactual's sector and country teams debate ideas and reach conclusions together. The aim is to examine investment themes in depth, including those that span several sectors.
Rating methodology
Buy, Neutral and Sell ratings reflect expected 12-month total return versus the sector average, with bands of plus or minus 10%.
Coverage12M
Sectors
Most covered24M
Most active analysts
- Fernanda Recchia1 notesASR
- Gustavo Cunha1 notesPBR
- Eduardo Rosman1 notesPAGS
- Samuel Alves1 notesAUNA
Recent actions
| Date | Stock | Rating action | Target | Analyst |
|---|---|---|---|---|
| Sep 21 |  CoreWeave, Inc. Class A Common StockCRWV | Target | $125 | |
| Sep 21 |  Nebius Group N.V.NBIS | Target | $223 | |
| Aug 23 |  Grupo Aeroportuario del Sureste, S. A. B. de C. V.ASR | Target | $510 | Fernanda Recchia |
| Aug 23 | VLControladora Vuela Compañía de Aviación, S.A.B. de C.V.VLRS | Target | $9 | |
| Aug 23 |  Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.OMAB | Target | $270 | |
| Jul 14 |  The Boeing CompanyBA | Target | $260 | |
| May 24 |  Logistic Properties of The AmericasLPA | Target | $7.50 | |
| May 8 |  Enel Chile S.A.ENIC | Target | $5 | |
| Apr 29 | PIPicS N.V.PICS | Target | $20 | |
| Mar 9 |  AGI IncAGBK | Target | $17 | |
| Feb 6 |  Auna S.A.AUNA | Target | $7 | Samuel Alves |
| Jan 29 | PAPagSeguro Digital Ltd.PAGS | Target | $13 | Eduardo Rosman |