BTG Pactual
Banco BTG Pactual S.A.
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.
Company history
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.
- 1983Pactual founded as a securities brokerage in Rio de Janeiro
- 2006UBS acquires Banco Pactual, forming UBS Pactual
- 2009BTG acquires UBS Pactual, creating BTG Pactual
- 2012IPO; acquires Celfin Capital (Chile) and Bolsa y Renta (Colombia)
- 2021Completes purchase of Banco Pan
- 2025Federal Reserve approves BTG Pactual Bank, N.A.
Research
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. Buy, Neutral and Sell ratings reflect expected 12-month total return versus the sector average, with bands of plus or minus 10%.
Coverage12M
- Stocks
- 15
- Ratings
- 0
- Price targets
- 15
- Median upside
- +45.6%
- Upgrades
- 0
- Downgrades
- 0
- Initiations
- 0
- Reiterations
- 0
Sectors
Listing
Activity24M
Most covered24M
Analysts24M
- Fernanda RecchiaASR1
- Gustavo CunhaPBR1
- Eduardo RosmanPAGS1
- Samuel AlvesAUNA1
Recent actions
| Stock | Rating action | Target | Date |
|---|---|---|---|
 CoreWeave, Inc. Class A Common StockCRWV | Target | $125 | Sep 21 |
 Nebius Group N.V.NBIS | Target | $223 | Sep 21 |
 Grupo Aeroportuario del Sureste, S. A. B. de C. V.ASR | Target | $510 | 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 | Aug 23 |
 The Boeing CompanyBA | Target | $260 | Jul 14 |
 Logistic Properties of The AmericasLPA | Target | $7.50 | May 24 |
 Enel Chile S.A.ENIC | Target | $5 | May 8 |
| PIPicS N.V.PICS | Target | $20 | Apr 29 |
 AGI IncAGBK | Target | $17 | Mar 9 |
 Auna S.A.AUNA | Target | $7 | Feb 6 |
| PAPagSeguro Digital Ltd.PAGS | Target | $13 | Jan 29 |
Similar coverage12M
References
- BTG Pactual - Wikipediaen.wikipedia.org
- About BTG Pactual - Our Historyinstitucional.btgpactual.com
- The Research Firms with Deep Roots in Latin America (Extel, 2026)extelinsights.com
- Extel Reveals Top Latin America Research Teams (2026)natlawreview.com
- Earnings call transcript: Banco BTG Pactual Q2 2026 (Investing.com)investing.com
- BTG Pactual 10SIM report with rating definitions (2021)digital-research-prd.s3-sa-east-1.amazonaws.com