BTG keeps buy rating on Raia Drogasil stock at BRL 30.00 target

Published on 10/05/2026 at 19:23 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Digital sales reached BRL 3.90 billion in the second quarter, up 52.00 percent. For Raia Drogasil stock, 3,687 stores support scale.

Raia Drogasil, BRRADLACNOR0, Illustration mit AI erstellt.

BTG Pactual maintained its buy recommendation for Raia Drogasil and kept a 12-month price target of BRL 30.00, versus the BRL 20.34 quotation used in its September 21, 2026 report. For Raia Drogasil, the key evidence behind that stance is operational: digital sales grew 52.00 percent year over year in the second quarter of 2026.

BTG sees room beyond GLP-1

According to EuQueroInvestir on September 21, 2026, BTG Pactual linked its positive view to GLP-1 medicines, the omnichannel strategy, store expansion and market-share gains. The bank projected net revenue of BRL 45.5 billion for 2026, BRL 52.3 billion for 2027 and BRL 58.7 billion for 2028.

The comparison shows the scale of the forecast path: projected 2027 revenue is BRL 6.8 billion above the 2026 estimate, an increase of 14.95 percent. BTG also projected an adjusted EBITDA margin of 8.20 percent for 2026, rising to 8.70 percent in 2027 and 8.90 percent in 2028.

Digital growth meets physical scale

BTG Pactual reported that digital sales reached BRL 3.9 billion in the second quarter of 2026 and represented 31.00 percent of retail sales. Proprietary channels generated 94.00 percent of digital revenue, while the app accounted for 83.00 percent.

The physical network remains central to that model. Raia Drogasil ended June with 3,687 stores, after 76 net openings during the quarter and 329 additions over 12 months, according to BTG Pactual. Management's 2026 plan calls for 330 to 350 new stores, giving the digital business a larger distribution and customer-acquisition network.

Margins remain the counterweight

BTG Pactual also identified pressure from the growing GLP-1 mix and stronger online competition in hygiene, beauty and personal care. Its analysis said the average semaglutide price index fell from 100 in the first quarter of 2026 to 78 in the second quarter, while related gross revenue rose from 100 to 108, a quantified sign that volume may offset lower prices.

On October 5, 2026, Raia Drogasil had a market capitalization of BRL 37.4 billion. The B3 quote was BRL 21.40 at 2:06 p.m. BRT, inside the BRL 13.07 to BRL 27.42 52-week range. That market level sits below BTG Pactual's BRL 30.00 target, while the investment case still depends on digital growth, store productivity and margin resilience.