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	Impact on Share Price
10/20/2021	NRYYF Norway Royal Salmon AS	Upgrade	$24.00	$214.00	Buy	N/A
10/20/2021	JEN Jenoptik	Set Price Target	€32.00	€32.50		N/A
10/20/2021	DG Vinci	Set Price Target	€91.00	€98.50		N/A
10/20/2021	DB1 Deutsche Börse	Set Price Target	€146.00	€164.00		N/A
10/20/2021	KER Kering	Set Price Target	€647.00	€830.00		N/A
10/19/2021	CS Credit Suisse Group	Upgrade	$10.00		Hold ➝ Buy	Low
10/19/2021	SKB Koenig & Bauer	Set Price Target	€26.00	€26.00		N/A
10/19/2021	BN Danone	Set Price Target	€57.00	€70.00		N/A
10/19/2021	DHER Delivery Hero	Set Price Target	€117.00	€149.30		N/A
10/19/2021	ML Compagnie Générale des Établissements Michelin Société en commandite par actions	Set Price Target	€133.00	€165.00		N/A
10/18/2021	AZN AstraZeneca	Set Price Target	GBX 8,768	GBX 9,800		N/A
10/15/2021	PNEXF Pharnext	Reiterated Rating	$0.00	$2.00	Buy	Low
10/15/2021	FTI TechnipFMC	Downgrade	$8.00	$6.30	Hold	High
10/15/2021	BOSS Hugo Boss	Set Price Target	€52.00	€35.00		N/A
10/15/2021	DRW3 Drägerwerk AG & Co. KGaA	Set Price Target	€71.00	€71.00		N/A
10/15/2021	COP CompuGroup Medical SE & Co. KGaA	Set Price Target	€72.00	€71.00		N/A
10/15/2021	MTX MTU Aero Engines	Set Price Target	€181.00	€242.00		N/A
10/15/2021	TGNOF Trigano	Reiterated Rating	$190.00		Buy	Low
10/14/2021	BAESY BAE Systems	Initiated Coverage	$34.00		Buy	Low
10/13/2021	ZIL2 ElringKlinger	Set Price Target	€12.00	€6.50		N/A
10/13/2021	SAP SAP	Set Price Target	€124.00	€120.00		N/A
10/13/2021	SAE Shop Apotheke Europe	Set Price Target	€146.00	€89.00		N/A
10/12/2021	AIR Airbus	Set Price Target	€112.00	€132.50		N/A
10/12/2021	MGDDF Compagnie Générale des Établissements Michelin Société en commandite par actions	Reiterated Rating	$153.00		Buy	Low
10/11/2021	SAF Safran	Set Price Target	€109.00	€138.00		N/A
10/11/2021	LEG LEG Immobilien	Set Price Target	€133.00	€142.00		N/A
10/8/2021	FTI TechnipFMC	Downgrade	$8.00	$6.30	Hold	Medium
10/8/2021	GLAPF Glanbia	Downgrade	$18.00	$14.30	Hold	Low
10/8/2021	COOSF Carbios SAS	Upgrade	$47.00	$46.00	Buy	Low
10/8/2021	LNXSF LANXESS Aktiengesellschaft	Upgrade	$68.00	$86.00	Buy	Low
10/8/2021	BAMXF Bayerische Motoren Werke Aktiengesellschaft	Downgrade	$98.00	$80.00	Sell	Low
10/7/2021	RYCEF Rolls-Royce	Reiterated Rating	$2.00		Buy	N/A
10/6/2021	CBK Commerzbank	Set Price Target	€6.00	€7.50		N/A
10/6/2021	DUE Dürr Aktiengesellschaft	Set Price Target	€38.00	€48.00		N/A
10/4/2021	PBB Deutsche Pfandbriefbank	Set Price Target	€10.00	€14.00		N/A
10/4/2021	TLG TLG Immobilien	Set Price Target	€28.00	€27.00		N/A
10/4/2021	ALO Alstom	Set Price Target	€31.00	€31.50		N/A
10/4/2021	BFSA Befesa	Set Price Target	€68.00	€77.00		N/A
10/4/2021	DAI Daimler	Set Price Target	€82.00	€85.00		N/A
10/4/2021	RI Pernod Ricard	Set Price Target	€199.00	€185.00		N/A
10/4/2021	DGE Diageo	Set Price Target	GBX 3,644	GBX 3,550		N/A
9/30/2021	PSO Pearson	Upgrade	$9.00		Reduce ➝ Hold	Low
9/29/2021	ORKLY Orkla ASA	Upgrade	9.00	77.00 ➝ 82.00	Reduce ➝ Hold	Low
9/29/2021	G1A GEA Group Aktiengesellschaft	Set Price Target	€40.00	€48.00		N/A
9/29/2021	1COV Covestro	Set Price Target	€55.00	€76.00		N/A
9/29/2021	KGX Kion Group	Set Price Target	€88.00	€109.00		N/A
9/29/2021	BMW Bayerische Motoren Werke Aktiengesellschaft	Set Price Target	€85.00	€74.00		N/A
9/23/2021	SHA Schaeffler	Set Price Target	€7.00	€7.00		N/A
9/23/2021	ZIL2 ElringKlinger	Set Price Target	€12.00	€6.50		N/A
9/23/2021	RNO Renault	Set Price Target	€31.00	€32.00		N/A
9/23/2021	NOEJ NORMA Group	Set Price Target	€38.00	€34.00		N/A
9/23/2021	STM Stabilus	Set Price Target	€64.00	€53.00		N/A
9/23/2021	DAI Daimler	Set Price Target	€82.00	€85.00		N/A
9/23/2021	RHM Rheinmetall	Set Price Target	€85.00	€115.00		N/A
9/23/2021	BMW Bayerische Motoren Werke Aktiengesellschaft	Set Price Target	€85.00	€74.00		N/A
9/23/2021	ML Compagnie Générale des Établissements Michelin Société en commandite par actions	Set Price Target	€133.00	€165.00		N/A
9/23/2021	VOW3 Volkswagen	Set Price Target	€187.00	€285.00		N/A
9/14/2021	AMFPF Amplifon	Downgrade	$46.00		Buy ➝ Hold	Low
9/14/2021	VNA Vonovia	Set Price Target	€54.00	€67.00		N/A
9/14/2021	SAE Shop Apotheke Europe	Set Price Target	€146.00	€93.00		N/A
9/13/2021	BN Danone	Set Price Target	€57.00	€70.00		N/A
9/10/2021	VGPBF VGP	Upgrade	$220.00		Hold ➝ Buy	Low
9/6/2021	ALO Alstom	Set Price Target	€31.00	€38.00		N/A
9/6/2021	BFSA Befesa	Set Price Target	€68.00	€77.00		N/A
9/3/2021	ENI ENI	Set Price Target	€12.00	€14.50		N/A
9/3/2021	RI Pernod Ricard	Set Price Target	€199.00	€180.00		N/A
9/2/2021	EVD CTS Eventim AG & Co. KGaA	Set Price Target	€66.00	€62.50		N/A
8/30/2021	FIE Fielmann Aktiengesellschaft	Set Price Target	€57.00	€78.00		N/A
8/27/2021	EVD CTS Eventim AG & Co. KGaA	Set Price Target	€66.00	€62.50		N/A
8/27/2021	EMLZF Emmi	Reiterated Rating	$1,150.00		Buy	Low
8/26/2021	UN01 Uniper	Set Price Target	€38.00	€40.00		N/A
8/24/2021	SDF K+S Aktiengesellschaft	Set Price Target	€14.00			N/A
8/24/2021	LXS LANXESS Aktiengesellschaft	Set Price Target	€58.00	€80.00		N/A
8/23/2021	DDRLF The Drilling Company of 1972 A/S	Upgrade	39.00	190.00 ➝ 220.00	Reduce ➝ Hold	N/A
8/23/2021	UBLXF u-blox	Downgrade	CHF 67	CHF 65 ➝ CHF 60	Hold ➝ Reduce	Low
8/20/2021	DB Deutsche Bank Aktiengesellschaft	Upgrade	$14.00	$11.80	Hold	Low
8/20/2021	UN01 Uniper	Set Price Target	€38.00	€40.00		N/A
8/19/2021	G1A GEA Group Aktiengesellschaft	Set Price Target	€40.00	€48.00		N/A
8/19/2021	VAR1 Varta	Set Price Target	€126.00	€96.00		N/A
8/18/2021	SDF K+S Aktiengesellschaft	Set Price Target	€14.00			N/A
8/18/2021	ARL Aareal Bank	Set Price Target	€27.00	€18.90		N/A
8/17/2021	SAX Ströer SE & Co. KGaA	Set Price Target	€73.00	€79.00		N/A
8/17/2021	ZO1 zooplus	Set Price Target	€475.00	€233.00		N/A
8/16/2021	GYC Grand City Properties	Set Price Target	€22.00	€27.00		N/A
8/16/2021	HLE HELLA GmbH & Co. KGaA	Set Price Target	€59.00	€43.00		N/A
8/16/2021	HFG HelloFresh	Set Price Target	€81.00	€103.60		N/A
8/16/2021	KBX Knorr-Bremse Aktiengesellschaft	Set Price Target	€94.00	€110.00		N/A
8/15/2021	DHT DHT	Reiterated Rating	$7.00	$8.50	Buy	Low
8/13/2021	CEC1 Ceconomy	Set Price Target	€6.00	€5.60		N/A
8/13/2021	TKA thyssenkrupp	Set Price Target	€9.00	€11.00		N/A
8/13/2021	DEQ Deutsche EuroShop	Set Price Target	€17.00	€26.00		N/A
8/13/2021	G1A GEA Group Aktiengesellschaft	Set Price Target	€40.00	€48.00		N/A
8/13/2021	DWNI Deutsche Wohnen	Set Price Target	€53.00	€52.50		N/A
8/13/2021	DHER Delivery Hero	Set Price Target	€117.00	€149.30		N/A
8/13/2021	VAR1 Varta	Set Price Target	€126.00	€105.00		N/A
8/13/2021	ADS adidas	Set Price Target	€269.00	€317.00		N/A
8/12/2021	OUKPY Metso Outotec Oyj	Upgrade	€5.00	€10.50 ➝ €11.00	Hold ➝ Buy	Medium
8/12/2021	SFQ SAF-Holland	Set Price Target	€12.00	€12.00		N/A
8/12/2021	SDF K+S Aktiengesellschaft	Set Price Target	€14.00			N/A
8/12/2021	KCO Klöckner & Co SE	Set Price Target	€12.00	€12.50		N/A