Kepler Capital Markets Stock Recommendations and Price Targets

This is a list of recent ratings by Kepler Capital Markets.

Date	Company Name	Action	Current Price	Price Target	Rating
1/30/2026	DWVYF Derwent Valley	Downgrade	$24.00		Strong-Buy ➝ Hold
1/28/2026	BDNNY Boliden AB (publ)	Downgrade	$140.00		Strong-Buy ➝ Hold
1/27/2026	SIEGY Siemens	Downgrade	$154.00		Hold ➝ Reduce
1/27/2026	ABBNY ABB	Upgrade	$87.00		Hold ➝ Strong-Buy
1/23/2026	PSO Pearson	Upgrade	$12.00		Reduce ➝ Hold
1/16/2026	MURGY M�nchener R�ckversicherungs-Gesellschaft	Initiated Coverage	$12.00		Buy
1/16/2026	VLVLY AB Volvo	Reiterated Rating	$37.00		Buy ➝ Hold
1/15/2026	ESLOY EssilorLuxottica	Upgrade	$152.00		Hold ➝ Buy
1/13/2026	SAN Banco Santander	Upgrade	$13.00		Hold ➝ Buy
1/9/2026	SCGLY Societe Generale Group	Downgrade	$18.00		Buy ➝ Reduce
1/9/2026	BESIY BE Semiconductor Industries	Downgrade	$194.00		Strong-Buy ➝ Hold
1/7/2026	NOK Nokia	Upgrade	$7.00		Hold ➝ Buy
1/6/2026	BAESY Bae Systems	Upgrade	$106.00		Strong Sell ➝ Hold
1/5/2026	ALSMY Alstom	Downgrade	$3.00		Buy ➝ Hold
12/22/2025	SAPMF Saipem	Upgrade	$4.00		Strong-Buy
12/12/2025	ESYJY easyJet	Downgrade	$7.00		Buy ➝ Hold
12/12/2025	DLAKY Deutsche Lufthansa	Upgrade	$11.00		Hold ➝ Strong-Buy
12/12/2025	BTI British American Tobacco	Initiated Coverage	$61.00		Buy
12/11/2025	JSAIY J. Sainsbury	Upgrade	$18.00		Strong Sell ➝ Hold
12/10/2025	VWDRY Vestas Wind Systems AS	Upgrade	$10.00		Strong Sell ➝ Strong-Buy
12/8/2025	BOSSY Hugo Boss	Upgrade	$8.00		Hold
12/5/2025	TEF Telefonica	Upgrade	$4.00		Strong Sell ➝ Hold
12/4/2025	SLFPY Abrdn	Upgrade	$12.00		Hold
12/1/2025	CCPPF Shaftesbury Capital	Initiated Coverage	$2.00		Reduce
12/1/2025	VIVHY Vivendi	Reiterated Rating	$3.00		Buy ➝ Hold
11/24/2025	QNTQY QinetiQ Group	Upgrade	$27.00		Hold ➝ Strong-Buy
11/17/2025	SNN Smith & Nephew SNATS	Upgrade	$34.00		Strong-Buy
11/14/2025	TGOPY 3i Group	Downgrade	$11.00		Hold ➝ Strong Sell
11/12/2025	LGRDY LeGrand	Upgrade	$32.00		Hold ➝ Strong-Buy
11/7/2025	JSAIY J. Sainsbury	Downgrade	$18.00		Hold ➝ Strong Sell
11/6/2025	NRDBY Nordea Bank	Upgrade	$20.00		Hold ➝ Strong-Buy
11/6/2025	DBOEY Deutsche Boerse	Downgrade	$25.00		Hold ➝ Strong Sell
11/6/2025	ADRNY Ahold	Upgrade	$39.00		Hold ➝ Strong-Buy
11/5/2025	ASBFY Associated British Foods	Upgrade	$26.00		Hold ➝ Strong-Buy
11/5/2025	JRONY Jeronimo Martins SGPS	Upgrade	$47.00		Strong Sell ➝ Hold
11/3/2025	SCGLY Societe Generale Group	Upgrade	$18.00		Hold ➝ Buy
10/30/2025	EADSY Airbus	Downgrade	$57.00		Strong-Buy ➝ Hold
10/24/2025	SDXAY Sodexo	Downgrade	$10.00		Strong-Buy ➝ Hold
10/21/2025	AMRZ Amrize	Upgrade	$53.00		Strong-Buy
10/9/2025	LYG Lloyds Banking Group	Upgrade	$6.00		Hold ➝ Buy
10/9/2025	BUD Anheuser-Busch InBev SA/NV	Downgrade	$73.00		Strong-Buy ➝ Hold
10/6/2025	AIQUY Air Liquide	Upgrade	$38.00		Strong Sell ➝ Hold
10/2/2025	BCUCY Brunello Cucinelli	Upgrade	$10.00		Hold
10/1/2025	LGRDY LeGrand	Downgrade	$32.00		Strong-Buy ➝ Hold
9/30/2025	SBGSY Schneider Electric	Upgrade	$59.00		Hold ➝ Strong-Buy
9/29/2025	OEZVY Verbund	Upgrade	$14.00		Strong Sell ➝ Hold
9/23/2025	ELEZY Endesa	Downgrade	$18.00		Hold ➝ Strong Sell
9/23/2025	SCMWY Swisscom	Upgrade	$82.00		Strong Sell
9/18/2025	RELX Relx	Upgrade	$30.00		Hold ➝ Strong-Buy
9/16/2025	RANJY Randstad	Downgrade	$18.00		Strong-Buy ➝ Hold
8/28/2025	FLUT Flutter Entertainment	Upgrade	$161.00		Strong-Buy
8/22/2025	DHLGY DHL Group	Downgrade	$56.00		Strong-Buy ➝ Hold
8/11/2025	NNGRY NN Group	Upgrade	$40.00		Strong Sell ➝ Hold
8/4/2025	WEGRY Weir Group	Downgrade	$22.00		Strong-Buy ➝ Hold
8/1/2025	SAN Banco Santander	Downgrade	$13.00		Strong-Buy ➝ Hold
8/1/2025	RDEIY Redeia Corporacion	Downgrade	$8.00		Strong-Buy ➝ Hold
7/31/2025	WPP WPP	Downgrade	$19.00		Strong-Buy ➝ Hold
7/31/2025	FINMY Leonardo	Upgrade	$33.00		Hold ➝ Strong-Buy
7/28/2025	DB Deutsche Bank Aktiengesellschaft	Downgrade	$40.00		Strong-Buy ➝ Hold
7/25/2025	SBGSY Schneider Electric	Downgrade	$59.00		Strong-Buy ➝ Hold
7/24/2025	HCMLY Holcim	Upgrade	$21.00		Strong-Buy
7/23/2025	NHYDY Norsk Hydro ASA	Downgrade	$9.00		Strong-Buy ➝ Hold
7/23/2025	BKGFY Berkeley Group	Upgrade	$11.00		Hold
7/23/2025	BTDPY Barratt Redrow	Upgrade	$11.00		Strong-Buy
7/23/2025	TWODY Taylor Wimpey	Upgrade	$15.00		Strong-Buy
7/23/2025	PSMMY Persimmon	Upgrade	$39.00		Strong-Buy
7/22/2025	TLSNY TeliaSonera	Upgrade	$9.00		Hold ➝ Strong-Buy
7/22/2025	ITVPY ITV	Downgrade	$11.00		Strong-Buy ➝ Hold
7/21/2025	VIVHY Vivendi	Upgrade	$3.00		Hold ➝ Strong-Buy
7/21/2025	VWDRY Vestas Wind Systems AS	Downgrade	$10.00		Hold ➝ Strong Sell
7/21/2025	NSI National Security Emerging Markets Index ETF	Downgrade	$36.00		Strong-Buy ➝ Hold
7/18/2025	TLTZY Tele2	Upgrade	$9.00		Hold ➝ Strong-Buy
7/18/2025	TMRAY Tomra Systems ASA	Upgrade	$13.00		Hold ➝ Strong-Buy
7/11/2025	WRTBY Wartsila	Downgrade	$8.00		Strong-Buy ➝ Hold
7/9/2025	VIVHY Vivendi	Upgrade	$3.00		Hold
7/8/2025	TGOPY 3i Group	Upgrade	$11.00		Hold
7/7/2025	NRDBY Nordea Bank	Upgrade	$20.00		Strong Sell ➝ Hold
7/7/2025	BAESY Bae Systems	Downgrade	$106.00		Hold ➝ Reduce
6/30/2025	COIHY Croda International	Upgrade	$19.00		Strong Sell
6/26/2025	RYCEY Rolls-Royce Holdings PLC	Downgrade	$17.00		Strong-Buy ➝ Hold
6/25/2025	JMPLY Johnson Matthey	Upgrade	$66.00		Hold
6/24/2025	EUTLF Eutelsat Communications	Upgrade	$3.00		Strong Sell ➝ Hold
6/19/2025	BZLFY Bunzl	Upgrade	$14.00		Hold
6/19/2025	HLMAF Halma	Upgrade	$48.00		Strong-Buy
6/17/2025	ABBNY ABB	Downgrade	$87.00		Strong-Buy ➝ Hold
6/11/2025	BAYRY Bayer Aktiengesellschaft	Upgrade	$13.00		Hold ➝ Buy
6/11/2025	YARIY Yara International ASA	Upgrade	$23.00		Hold ➝ Strong-Buy
6/10/2025	BESIY BE Semiconductor Industries	Upgrade	$194.00		Hold ➝ Strong-Buy
6/6/2025	SONVY Sonova	Upgrade	$54.00		Strong Sell ➝ Hold
6/5/2025	BKNIY Bankinter	Downgrade	$18.00		Strong-Buy ➝ Hold
5/30/2025	BTLCY British Land	Downgrade	$6.00		Strong-Buy ➝ Hold
5/30/2025	WEGRY Weir Group	Upgrade	$22.00		Hold ➝ Strong-Buy
5/28/2025	AGX Argan	Downgrade	$374.00		Strong-Buy ➝ Hold
5/27/2025	QNTQY QinetiQ Group	Upgrade	$27.00		Hold ➝ Strong-Buy
5/22/2025	ALC Alcon	Upgrade	$78.00		Hold ➝ Strong-Buy
5/21/2025	SVNLY Svenska Handelsbanken Ab Publ	Downgrade	$8.00		Hold ➝ Strong Sell
5/21/2025	NRDBY Nordea Bank	Downgrade	$20.00		Strong-Buy ➝ Strong Sell
5/20/2025	REPYY Repsol	Downgrade	$19.00		Strong-Buy ➝ Hold
5/20/2025	ISMAY Indra Sistemas	Upgrade	$32.00		Hold ➝ Strong-Buy
5/20/2025	EQNR Equinor ASA	Downgrade	$26.00		Hold ➝ Reduce