Cheuvreux Stock Recommendations and Price Targets

This is a list of recent ratings by Cheuvreux.

Date	Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
9/9/2022	NNGRY NN Group	Downgrade	€19.00	€45.00	Buy ➝ Hold	Low
8/26/2022	WILYY Demant A/S	Downgrade	12.00	290.00 ➝ 215.00	Hold ➝ Reduce	Low
8/26/2022	IPSEY Ipsen	Upgrade	€23.00	€110.00	Hold ➝ Buy	Low
8/24/2022	POFCY Petrofac	Downgrade	GBX 1	GBX 140	Buy ➝ Hold	Low
8/24/2022	SNY Sanofi	Downgrade	$38.00		Buy ➝ Hold	Low
7/26/2022	ETCMY Eutelsat Communications	Downgrade	$2.00		Buy ➝ Hold	Low
7/26/2022	ECIFY Electricité de France	Downgrade	€2.00	€12.00	Buy ➝ Hold	Low
7/22/2022	NOK Nokia Oyj	Downgrade	$4.00		Buy ➝ Hold	Low
7/21/2022	HLFFF HelloFresh	Downgrade	$22.00		Buy ➝ Hold	Low
7/15/2022	ERIC Telefonaktiebolaget LM Ericsson (publ)	Downgrade	$6.00		Buy ➝ Hold	Low
7/11/2022	AEXAY Atos	Downgrade	€2.00	€16.00	Buy ➝ Hold	N/A
7/11/2022	ONXXF Ontex Group	Downgrade	$6.00		Hold ➝ Reduce	N/A
7/11/2022	BVRDF Bureau Veritas	Downgrade	€22.00	€27.00	Buy ➝ Hold	N/A
7/11/2022	UBLXF u-blox	Upgrade	CHF 117	CHF 130	Hold ➝ Buy	N/A
7/6/2022	EMSHF EMS-CHEMIE	Upgrade	$637.00		Reduce ➝ Hold	N/A
7/5/2022	TMRAY Tomra Systems ASA	Initiated Coverage	$18.00		Buy	N/A
7/5/2022	FLMNF Fielmann Aktiengesellschaft	Downgrade	$35.00		Buy ➝ Hold	N/A
6/30/2022	AVACF Avance Gas	Upgrade	5.00	71.00	Hold ➝ Buy	Low
6/24/2022	ISMAY Indra Sistemas	Downgrade	$4.00		Buy ➝ Hold	Low
6/15/2022	TSDOF Tessenderlo Group	Upgrade	$35.00		Reduce ➝ Hold	Low
6/14/2022	FLGZY Flughafen Zürich	Downgrade	$6.00		Buy ➝ Hold	High
6/14/2022	VLEEY Valeo	Downgrade	$7.00		Hold ➝ Reduce	High
6/14/2022	BURBY Burberry Group	Downgrade	GBX 20	GBX 1,650	Buy ➝ Hold	Medium
6/13/2022	GNGBY Getinge AB (publ)	Downgrade	SEK 17	SEK 435 ➝ SEK 280	Buy ➝ Hold	Low
6/10/2022	ARZTF Aryzta	Upgrade	$1.00		Hold	Low
6/8/2022	RACE Ferrari	Upgrade	$185.00		Reduce ➝ Hold	Low
6/2/2022	OEZVY Verbund	Upgrade	$17.00		Reduce ➝ Hold	Low
5/23/2022	TGSNF Tgs Asa	Upgrade	12.00	155.00	Reduce ➝ Hold	Low
5/20/2022	SBOEF Schoeller-Bleckmann Oilfield Equipment Aktiengesellschaft	Upgrade	$60.00		Hold ➝ Buy	Low
5/16/2022	RPYTF Reply	Upgrade	€119.00	€119.00	Reduce ➝ Hold	N/A
5/13/2022	PSTNY PostNL	Upgrade	€3.00	€3.00	Reduce ➝ Hold	Low
5/13/2022	NRDXF Nordex	Downgrade	$8.00		Hold ➝ Reduce	Low
5/13/2022	HPGLY Hapag-Lloyd Aktiengesellschaft	Downgrade	$84.00		Buy ➝ Reduce	High
5/3/2022	SEGXF SEGRO	Downgrade	GBX 8	GBX 1,240	Hold ➝ Reduce	High
5/3/2022	ELUXY AB Electrolux (publ)	Upgrade	SEK 21	SEK 150 ➝ SEK 200	Reduce ➝ Buy	High
4/26/2022	CODYY Compagnie de Saint-Gobain	Upgrade	€7.00	€75.00	Hold ➝ Buy	Medium
4/20/2022	SVKEF Skandinaviska Enskilda Banken AB (publ)	Upgrade	SEK 9	SEK 134	Hold ➝ Buy	N/A
4/4/2022	SFRGY Salvatore Ferragamo	Downgrade	$7.00		Hold ➝ Reduce	Low
3/25/2022	KLKNF Klöckner & Co SE	Upgrade	$10.00		Hold ➝ Buy	N/A
3/25/2022	ARSUF Fagron	Upgrade	€13.00	€17.50 ➝ €21.00	Hold ➝ Buy	N/A
2/28/2022	SRAIF Stadler Rail	Downgrade	$28.00		Hold ➝ Reduce	N/A
11/24/2021	LNDNF Orrön Energy AB (publ)	Downgrade	$2.00		Hold ➝ Reduce	Low
11/24/2021	ACXIF Acciona	Initiated Coverage	$177.00		Buy	Low
11/22/2021	VLOWY Vallourec	Upgrade	$2.00		Hold ➝ Buy	Medium
11/22/2021	GBERY Geberit	Downgrade	$43.00		Hold ➝ Reduce	High
11/19/2021	PRDSY Prada	Upgrade	$9.00	$47.00 ➝ $58.00	Reduce ➝ Hold	High
11/18/2021	RWEOY RWE Aktiengesellschaft	Upgrade	$37.00		Hold ➝ Buy	Low
11/17/2021	TNISY Técnicas Reunidas	Downgrade	$5.00		Hold ➝ Reduce	N/A
11/17/2021	DSRLF DiaSorin	Downgrade	$115.00		Buy ➝ Hold	Low
11/16/2021	ADRNY Koninklijke Ahold Delhaize	Downgrade	$25.00		Buy ➝ Hold	Low
11/16/2021	ADRNY Koninklijke Ahold Delhaize	Downgrade	$25.00		Buy ➝ Hold	Low
11/15/2021	FOJCY Fortum Oyj	Upgrade	$3.00		Reduce ➝ Hold	Low
11/15/2021	ESYJY easyJet	Downgrade	$3.00		Hold ➝ Reduce	Low
11/15/2021	HPGLY Hapag-Lloyd Aktiengesellschaft	Upgrade	$84.00		Hold ➝ Buy	Medium
11/12/2021	AZMTF Azimut Exploration	Upgrade	$0.00		Hold ➝ Buy	Medium
11/11/2021	CLPBY Coloplast A/S	Upgrade	$10.00		Hold ➝ Buy	High
11/9/2021	EUCMF Eurocommercial Properties	Downgrade	$27.00		Buy ➝ Hold	Low
11/8/2021	AAALF Aareal Bank	Upgrade	$32.00		Reduce ➝ Hold	Low
11/5/2021	ALFNF Alfen	Downgrade	$86.00		Buy ➝ Hold	N/A
10/28/2021	ASAZY ASSA ABLOY AB (publ)	Upgrade	$9.00		Hold ➝ Buy	Medium
10/28/2021	SMMNY Siemens Healthineers	Downgrade	$22.00		Buy ➝ Hold	Medium
10/27/2021	CCNTF Concentric AB (publ)	Upgrade	$18.00		Hold ➝ Buy	N/A
10/20/2021	NRYYF Norway Royal Salmon AS	Upgrade	$25.00		Hold ➝ Buy	Low
10/19/2021	CS Credit Suisse Group	Upgrade	$4.00		Hold ➝ Buy	Low
10/14/2021	BAESY BAE Systems	Initiated Coverage	$35.00		Buy ➝ Buy	Medium
10/13/2021	SARTF Sartorius Aktiengesellschaft	Upgrade	$295.00		Reduce ➝ Hold	N/A
10/11/2021	PHPPY Signify	Upgrade	$14.00		Hold ➝ Buy	Low
9/30/2021	PSO Pearson	Upgrade	$10.00		Reduce ➝ Hold	Low
9/27/2021	KBCSY KBC Group	Upgrade	$23.00		Hold ➝ Buy	High
9/20/2021	ESYJY easyJet	Upgrade	$3.00		Reduce ➝ Hold	High
8/2/2021	ACSAY ACS, Actividades de Construcción y Servicios	Upgrade	$4.00		Hold ➝ Buy	Low
8/2/2021	AEOXF Aeroports de Paris	Downgrade	$123.00		Buy ➝ Hold	Low
7/29/2021	GASNY Naturgy Energy Group	Downgrade	$5.00		Buy ➝ Hold	Low
7/23/2021	MBGAF Mercedes-Benz Group	Upgrade	$51.00		Hold ➝ Buy	High
7/23/2021	GVDNY Givaudan	Downgrade	$60.00		Buy ➝ Hold	Low
7/21/2021	ATVDY Atresmedia Corporación de Medios de Comunicación	Upgrade	$3.00		Hold ➝ Buy	Low
7/21/2021	TGOPY 3i Group	Initiated Coverage	$6.00	$7.83	Buy	High
7/21/2021	ELUXY AB Electrolux (publ)	Downgrade	$21.00		Hold ➝ Reduce	Low
7/21/2021	IKTSY Intertek Group	Upgrade	$42.00		Hold ➝ Buy	Low
7/14/2021	SVCBF Svenska Cellulosa Aktiebolaget SCA (publ)	Upgrade	$13.00		Reduce ➝ Hold	Low
7/14/2021	QGEN Qiagen	Downgrade	$41.00	$49.53	Buy ➝ Hold	Medium
7/14/2021	SMFKY Smurfit Kappa Group	Upgrade	$28.00		Hold ➝ Buy	Medium
7/13/2021	DSDVY DSV A/S	Initiated Coverage	$58.00	$122.55	Buy	Low
7/8/2021	KNRRY Knorr-Bremse Aktiengesellschaft	Upgrade	$11.00		Hold ➝ Buy	Low
7/6/2021	KBCSY KBC Group	Upgrade	$23.00		Reduce ➝ Hold	Low
6/28/2021	RNLSY Renault	Downgrade	$5.00		Buy ➝ Hold	Low
6/28/2021	ADYEY Adyen	Initiated Coverage	$13.00		Buy	Medium
6/28/2021	MBGAF Mercedes-Benz Group	Downgrade	$51.00		Buy ➝ Hold	High
6/25/2021	EURMF Europcar Mobility Group	Upgrade	$1.00		Hold ➝ Buy	Low
6/25/2021	MHGVY Mowi ASA	Downgrade	$13.00		Buy ➝ Hold	Low
6/24/2021	ASAZY ASSA ABLOY AB (publ)	Downgrade	$9.00		Buy ➝ Hold	Medium
6/21/2021	ESYJY easyJet	Downgrade	$3.00		Hold ➝ Reduce	Low
6/9/2021	ARLLF Argan	Initiated Coverage	$118.00		Buy	N/A
6/9/2021	SEGXF SEGRO	Initiated Coverage	$8.00		Buy	Low
6/8/2021	WDPSF Warehouses De Pauw	Downgrade	$24.00		Buy ➝ Hold	Low
6/8/2021	VGPBF VGP	Downgrade	$144.00		Buy ➝ Hold	Low
4/20/2020	TS Tenaris	Downgrade	$26.00		Buy ➝ Hold	Low
4/1/2020	TEF Telefónica	Upgrade	$3.00		Reduce ➝ Hold	Low
4/1/2020	LDSVF Chocoladefabriken Lindt & Sprüngli	Downgrade	$9,388.00		Hold ➝ Reduce	N/A
10/17/2019	ASML ASML	Downgrade	$415.00		Buy ➝ Hold	Low