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
11/24/2021	LNDNF Lundin Energy AB (publ)	Downgrade	$37.00		Hold ➝ Reduce	Low
11/24/2021	ACXIF Acciona	Initiated Coverage	$176.00		Buy	Low
11/22/2021	VLOWY Vallourec	Upgrade	$2.00		Hold ➝ Buy	Medium
11/22/2021	GBERY Geberit	Downgrade	$80.00		Hold ➝ Reduce	High
11/19/2021	PRDSY Prada	Upgrade	$14.00	$47.00 ➝ $58.00	Reduce ➝ Hold	High
11/18/2021	RWEOY RWE Aktiengesellschaft	Upgrade	$40.00		Hold ➝ Buy	Low
11/17/2021	DSRLF DiaSorin	Downgrade	$0.00		Buy ➝ Hold	Low
11/16/2021	ADRNY Koninklijke Ahold Delhaize	Downgrade	$34.00		Buy ➝ Hold	Low
11/15/2021	FOJCY Fortum Oyj	Upgrade	$6.00		Reduce ➝ Hold	Low
11/15/2021	ESYJY easyJet	Downgrade	$7.00		Hold ➝ Reduce	Low
11/15/2021	HPGLY Hapag-Lloyd Aktiengesellschaft	Upgrade	$120.00		Hold ➝ Buy	Medium
11/12/2021	AZMTF Azimut Exploration	Upgrade	$1.00		Hold ➝ Buy	Medium
11/11/2021	CLPBY Coloplast A/S	Upgrade	$16.00		Hold ➝ Buy	High
11/9/2021	EUCMF Eurocommercial Properties	Downgrade	$24.00		Buy ➝ Hold	Low
11/8/2021	AAALF Aareal Bank	Upgrade	$32.00		Reduce ➝ Hold	Low
11/5/2021	ALFNF Alfen	Downgrade	$98.00		Buy ➝ Hold	N/A
10/28/2021	ASAZY ASSA ABLOY AB (publ)	Upgrade	$15.00		Hold ➝ Buy	Medium
10/28/2021	SMMNY Siemens Healthineers	Downgrade	$38.00		Buy ➝ Hold	Medium
10/27/2021	CCNTF Concentric	Upgrade	$31.00		Hold ➝ Buy	N/A
10/20/2021	NRYYF Norway Royal Salmon AS	Upgrade	$24.00		Hold ➝ Buy	Low
10/19/2021	CS Credit Suisse Group	Upgrade	$10.00		Hold ➝ Buy	Low
10/14/2021	BAESY BAE Systems	Initiated Coverage	$29.00		Buy ➝ Buy	Medium
10/13/2021	SARTF Sartorius Aktiengesellschaft	Upgrade	$577.00		Reduce ➝ Hold	N/A
10/11/2021	PHPPY Signify	Upgrade	$23.00		Hold ➝ Buy	Low
9/30/2021	PSO Pearson	Upgrade	$8.00		Reduce ➝ Hold	Low
9/27/2021	KBCSY KBC Group	Upgrade	$43.00		Hold ➝ Buy	High
9/20/2021	ESYJY easyJet	Upgrade	$7.00		Reduce ➝ Hold	High
8/2/2021	ACSAY ACS, Actividades de Construcción y Servicios	Upgrade	$5.00		Hold ➝ Buy	Low
8/2/2021	AEOXF Aeroports de Paris	Downgrade	$126.00		Buy ➝ Hold	Low
7/29/2021	GASNY Naturgy Energy Group	Downgrade	$6.00		Buy ➝ Hold	Low
7/23/2021	DDAIF Daimler	Upgrade	$97.00		Hold ➝ Buy	High
7/23/2021	GVDNY Givaudan	Downgrade	$104.00		Buy ➝ Hold	Low
7/21/2021	TGOPY 3i Group	Initiated Coverage	$10.00	$7.83	Buy	High
7/21/2021	ELUXY AB Electrolux (publ)	Downgrade	$47.00		Hold ➝ Reduce	Low
7/21/2021	IKTSY Intertek Group	Upgrade	$76.00		Hold ➝ Buy	Low
7/14/2021	SVCBF Svenska Cellulosa Aktiebolaget SCA (publ)	Upgrade	$16.00		Reduce ➝ Hold	Low
7/14/2021	QGEN QIAGEN	Downgrade	$55.00	$49.53	Buy ➝ Hold	Medium
7/14/2021	SMFKY Smurfit Kappa Group	Upgrade	$54.00		Hold ➝ Buy	Medium
7/13/2021	DSDVY DSV Panalpina A/S	Initiated Coverage	$110.00	$122.55	Buy	Low
7/8/2021	KNRRY Knorr-Bremse Aktiengesellschaft	Upgrade	$25.00		Hold ➝ Buy	Low
7/6/2021	KBCSY KBC Group	Upgrade	$43.00		Reduce ➝ Hold	Low
6/28/2021	RNLSY Renault	Downgrade	$7.00		Buy ➝ Hold	Low
6/28/2021	ADYEY Adyen	Initiated Coverage	$28.00		Buy	Medium
6/28/2021	DDAIF Daimler	Downgrade	$97.00		Buy ➝ Hold	High
6/25/2021	EURMF Europcar Mobility Group	Upgrade	$1.00		Hold ➝ Buy	Low
6/25/2021	MHGVY Mowi ASA	Downgrade	$24.00		Buy ➝ Hold	Low
6/24/2021	ASAZY ASSA ABLOY AB (publ)	Downgrade	$15.00		Buy ➝ Hold	Medium
6/21/2021	ESYJY easyJet	Downgrade	$7.00		Hold ➝ Reduce	Low
6/10/2021	PNEXF Pharnext	Upgrade	$0.00		Hold ➝ Buy	Low
6/9/2021	ARLLF Argan	Initiated Coverage	$122.00		Buy	N/A
6/9/2021	SEGXF SEGRO	Initiated Coverage	$18.00		Buy	Low
6/8/2021	WDPSF Warehouses De Pauw	Downgrade	$46.00		Buy ➝ Hold	Low
6/8/2021	VGPBF VGP	Downgrade	$269.00		Buy ➝ Hold	Low
4/20/2020	TS Tenaris	Downgrade	$21.00		Buy ➝ Hold	Low
4/1/2020	TEF Telefónica	Upgrade	$4.00		Reduce ➝ Hold	Low
4/1/2020	LDSVF Chocoladefabriken Lindt & Sprüngli	Downgrade	$12,804.00		Hold ➝ Reduce	N/A
10/17/2019	ASML ASML	Downgrade	$804.00		Buy ➝ Hold	Low