Analysts see upside potential for Minerva share price

Minerva shares have already risen 16 % since the capital increase announced on 7 April. Analysts at BTG Pactual believe there is room for further gains. On Thursday, analysts Thiago Duarte, Guilherme Gutilla and Gustavo Fabris published a report raising the 12 month target price to R$ 10 from R$ 9. Minerva stock closed on Friday at R$ 6.01.

The analysis incorporates the full R$ 3 billion capital raise and stronger operating results, with EBITDA of R$ 4.4 billion in 2025 and R$ 4.7 billion in 2026. The study also points to the upside potential stemming from the offering’s structure: Minerva will grant warrants to participants in the capital increase, making the offer more attractive to shareholders. The warrants give holders the right to buy new shares of the company within three years at the private placement price of R$ 5.17. As Minerva’s shares tend to recover, reflecting a stronger balance sheet, exercising the options is likely to be very appealing, according to BTG Pactual.