Citi raises Fleury price target to R$ 23

Citi raised its price target on Brazilian healthcare company Fleury from R$ 16 to R$ 23, while keeping a neutral rating on the stock. Shares of Fleury rose 4.74% to R$ 25.43 around 11:30 AM in Brasília on October 6, 2026, trading above the updated target.

The new target of R$ 23 implies downside of 5.27% compared to the closing price on October 5, 2026. Citi analysts lifted earnings estimates for 2026 and 2027 by 11% and 18%, respectively, helped by a lower discount rate. The stock has gained 64% year to date and 43% since the second-quarter results.

Fleury is scheduled to report third-quarter earnings on November 5, 2026. Citi expects net revenue to expand 12.7% year over year, or 10% organically. The bank anticipates that the recent integration of Femme will compress margins by about 30 basis points year over year.

Citi forecasts third-quarter EBITDA of R$ 667 million, in line with the Visible Alpha consensus. The bank projects net profit of R$ 257 million, which is 6% above market expectations, supported by lower depreciation and amortization expenses, controlled financial costs, and reduced tax charges.