Goldman Sachs lifted Fleury’s rating to Buy from Neutral, raising the 12‑month price target to BRL 18 (up from BRL 15). The bank cited stronger‑than‑expected profitability and solid fundamentals in the Brazilian diagnostic‑services market, noting a surge in the premium brand segment that now accounts for 25% of revenue, and expanding its service network.

Analysts highlighted Fleury’s deep ties with major healthcare payors, which should bolster earnings as insurers chase efficiency in a market where diagnostic claims represent only 17% of total health expenses. Goldman projects an 8% dividend yield in 2026, a stable 1.6× leverage, and 8.2% EBITDA growth driven by 7.6% revenue expansion, while maintaining cost discipline.

Risks flagged for 2026 include a shortened business calendar due to holidays, possible disruptions from the FIFA World Cup, and rising competition from DASA, which is regaining momentum in São Paulo. Investors will watch whether Fleury can sustain its premium‑brand growth and translate pricing power into higher margins, as the sector adapts to digital health trends.