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
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	$23.00		Hold ➝ Strong-Buy
11/17/2025	SNN Smith & Nephew SNATS	Upgrade	$33.00		Strong-Buy
11/14/2025	TGOPY 3i Group	Downgrade	$11.00		Hold ➝ Strong Sell
11/12/2025	LGRDY LeGrand	Upgrade	$30.00		Hold ➝ Strong-Buy
11/7/2025	JSAIY J. Sainsbury	Downgrade	$17.00		Hold ➝ Strong Sell
11/6/2025	ADRNY Ahold	Upgrade	$40.00		Hold ➝ Strong-Buy
11/6/2025	DBOEY Deutsche Boerse	Downgrade	$26.00		Hold ➝ Strong Sell
11/6/2025	NRDBY Nordea Bank	Upgrade	$18.00		Hold ➝ Strong-Buy
11/5/2025	JRONY Jeronimo Martins SGPS	Upgrade	$47.00		Strong Sell ➝ Hold
11/5/2025	ASBFY Associated British Foods	Upgrade	$28.00		Hold ➝ Strong-Buy
11/3/2025	SCGLY Societe Generale Group	Upgrade	$15.00		Hold ➝ Buy
10/30/2025	EADSY Airbus	Downgrade	$57.00		Strong-Buy ➝ Hold
10/24/2025	SDXAY Sodexo	Downgrade	$11.00		Strong-Buy ➝ Hold
10/21/2025	AMRZ Amrize	Upgrade	$52.00		Strong-Buy
10/9/2025	BUD Anheuser-Busch InBev SA/NV	Downgrade	$61.00		Strong-Buy ➝ Hold
10/9/2025	LYG Lloyds Banking Group	Upgrade	$5.00		Hold ➝ Buy
10/6/2025	AIQUY Air Liquide	Upgrade	$38.00		Strong Sell ➝ Hold
10/2/2025	BCUCY Brunello Cucinelli	Upgrade	$11.00		Hold
10/1/2025	LGRDY LeGrand	Downgrade	$30.00		Strong-Buy ➝ Hold
9/30/2025	SBGSY Schneider Electric	Upgrade	$55.00		Hold ➝ Strong-Buy
9/29/2025	OEZVY Verbund	Upgrade	$15.00		Strong Sell ➝ Hold
9/23/2025	SCMWY Swisscom	Upgrade	$70.00		Strong Sell
9/23/2025	ELEZY Endesa	Downgrade	$18.00		Hold ➝ Strong Sell
9/18/2025	RELX Relx	Upgrade	$41.00		Hold ➝ Strong-Buy
9/16/2025	RANJY Randstad	Downgrade	$20.00		Strong-Buy ➝ Hold
8/28/2025	FLUT Flutter Entertainment	Upgrade	$209.00		Strong-Buy
8/22/2025	DHLGY DHL Group	Downgrade	$53.00		Strong-Buy ➝ Hold
8/11/2025	NNGRY NN Group	Upgrade	$37.00		Strong Sell ➝ Hold
8/4/2025	WEGRY Weir Group	Downgrade	$20.00		Strong-Buy ➝ Hold
8/1/2025	RDEIY Redeia Corporacion	Downgrade	$9.00		Strong-Buy ➝ Hold
8/1/2025	SAN Banco Santander	Downgrade	$11.00		Strong-Buy ➝ Hold
7/31/2025	FINMY Leonardo	Upgrade	$28.00		Hold ➝ Strong-Buy
7/31/2025	WPP WPP	Downgrade	$19.00		Strong-Buy ➝ Hold
7/28/2025	DB Deutsche Bank Aktiengesellschaft	Downgrade	$36.00		Strong-Buy ➝ Hold
7/25/2025	SBGSY Schneider Electric	Downgrade	$55.00		Strong-Buy ➝ Hold
7/24/2025	HCMLY Holcim	Upgrade	$19.00		Strong-Buy
7/23/2025	PSMMY Persimmon	Upgrade	$36.00		Strong-Buy
7/23/2025	TWODY Taylor Wimpey	Upgrade	$14.00		Strong-Buy
7/23/2025	BTDPY Barratt Redrow	Upgrade	$10.00		Strong-Buy
7/23/2025	BKGFY Berkeley Group	Upgrade	$10.00		Hold
7/23/2025	NHYDY Norsk Hydro ASA	Downgrade	$7.00		Strong-Buy ➝ Hold
7/22/2025	ITVPY ITV	Downgrade	$11.00		Strong-Buy ➝ Hold
7/22/2025	TLSNY TeliaSonera	Upgrade	$8.00		Hold ➝ Strong-Buy
7/21/2025	NSI National Security Emerging Markets Index ETF	Downgrade	$33.00		Strong-Buy ➝ Hold
7/21/2025	VWDRY Vestas Wind Systems AS	Downgrade	$8.00		Hold ➝ Strong Sell
7/21/2025	VIVHY Vivendi	Upgrade	$3.00		Hold ➝ Strong-Buy
7/18/2025	TMRAY Tomra Systems ASA	Upgrade	$13.00		Hold ➝ Strong-Buy
7/18/2025	TLTZY Tele2	Upgrade	$8.00		Hold ➝ Strong-Buy
7/11/2025	WRTBY Wartsila	Downgrade	$7.00		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	BAESY Bae Systems	Downgrade	$90.00		Hold ➝ Reduce
7/7/2025	NRDBY Nordea Bank	Upgrade	$18.00		Strong Sell ➝ Hold
6/30/2025	COIHY Croda International	Upgrade	$18.00		Strong Sell
6/26/2025	RYCEY Rolls-Royce Holdings PLC	Downgrade	$15.00		Strong-Buy ➝ Hold
6/25/2025	JMPLY Johnson Matthey	Upgrade	$54.00		Hold
6/24/2025	EUTLF Eutelsat Communications	Upgrade	$2.00		Strong Sell ➝ Hold
6/19/2025	HLMAF Halma	Upgrade	$49.00		Strong-Buy
6/19/2025	BZLFY Bunzl	Upgrade	$14.00		Hold
6/17/2025	ABBNY ABB	Downgrade	$73.00		Strong-Buy ➝ Hold
6/11/2025	YARIY Yara International ASA	Upgrade	$19.00		Hold ➝ Strong-Buy
6/11/2025	BAYRY Bayer Aktiengesellschaft	Upgrade	$10.00		Hold ➝ Buy
6/10/2025	BESIY BE Semiconductor Industries	Upgrade	$161.00		Hold ➝ Strong-Buy
6/6/2025	SONVY Sonova	Upgrade	$50.00		Strong Sell ➝ Hold
6/5/2025	BKNIY Bankinter	Downgrade	$16.00		Strong-Buy ➝ Hold
5/30/2025	WEGRY Weir Group	Upgrade	$20.00		Hold ➝ Strong-Buy
5/30/2025	BTLCY British Land	Downgrade	$6.00		Strong-Buy ➝ Hold
5/28/2025	AGX Argan	Downgrade	$361.00		Strong-Buy ➝ Hold
5/27/2025	QNTQY QinetiQ Group	Upgrade	$23.00		Hold ➝ Strong-Buy
5/22/2025	ALC Alcon	Upgrade	$79.00		Hold ➝ Strong-Buy
5/21/2025	NRDBY Nordea Bank	Downgrade	$18.00		Strong-Buy ➝ Strong Sell
5/21/2025	SVNLY Svenska Handelsbanken Ab Publ	Downgrade	$7.00		Hold ➝ Strong Sell
5/20/2025	E ENI	Downgrade	$38.00		Strong-Buy ➝ Hold
5/20/2025	EQNR Equinor ASA	Downgrade	$23.00		Hold ➝ Reduce
5/20/2025	ISMAY Indra Sistemas	Upgrade	$27.00		Hold ➝ Strong-Buy
5/20/2025	REPYY Repsol	Downgrade	$19.00		Strong-Buy ➝ Hold
5/15/2025	POAHY Porsche Automobil	Downgrade	$5.00		Strong-Buy ➝ Hold
5/9/2025	CPYYY Centrica	Downgrade	$9.00		Strong-Buy ➝ Hold
5/8/2025	ADRNY Ahold	Downgrade	$40.00		Strong-Buy ➝ Hold
5/8/2025	TMRAY Tomra Systems ASA	Upgrade	$13.00		Strong Sell ➝ Hold
5/7/2025	ISNPY Intesa Sanpaolo	Downgrade	$39.00		Strong-Buy ➝ Hold
5/6/2025	MHGVY Marine Harvest ASA	Downgrade	$23.00		Strong-Buy ➝ Hold
4/29/2025	DBOEY Deutsche Boerse	Downgrade	$26.00		Strong-Buy ➝ Hold
4/28/2025	MTUAY MTU Aero Engines	Upgrade	$203.00		Hold ➝ Strong-Buy
4/28/2025	SAFRY Safran	Upgrade	$86.00		Hold ➝ Strong-Buy
4/28/2025	GNNDY GN Store Nord	Downgrade	$49.00		Strong-Buy ➝ Hold
4/28/2025	EADSY Airbus	Upgrade	$57.00		Hold ➝ Strong-Buy
4/25/2025	PRNDY Pernod Ricard	Upgrade	$18.00		Hold ➝ Strong-Buy
4/23/2025	JSAIY J. Sainsbury	Downgrade	$17.00		Strong-Buy ➝ Hold
4/17/2025	KNYJY Kone Oyj	Downgrade	$35.00		Strong-Buy ➝ Hold
4/16/2025	ERIC Ericsson	Upgrade	$10.00		Strong Sell ➝ Hold
4/15/2025	WRTBY Wartsila	Upgrade	$7.00		Hold ➝ Strong-Buy
4/11/2025	ISNPY Intesa Sanpaolo	Upgrade	$39.00		Hold ➝ Strong-Buy
4/9/2025	RYCEY Rolls-Royce Holdings PLC	Upgrade	$15.00		Hold ➝ Strong-Buy
4/9/2025	KKPNY Koninklijke KPN	Upgrade	$5.00		Hold
4/8/2025	ABBNY ABB	Upgrade	$73.00		Hold ➝ Strong-Buy
4/2/2025	BNPQY BNP Paribas	Downgrade	$44.00		Hold ➝ Strong Sell
4/2/2025	SCGLY Societe Generale Group	Downgrade	$15.00		Strong-Buy ➝ Hold