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
3/8/2023	G1A GEA Group Aktiengesellschaft	Set Price Target	€43.00	€50.00		N/A
2/17/2023	AMKBY A.P. Møller - Mærsk A/S	Downgrade	$12.00		Buy ➝ Hold	Low
2/13/2023	CS Credit Suisse Group	Downgrade	$1.00		Hold ➝ Reduce	Low
2/10/2023	LGRDY Legrand	Upgrade	$19.00		Hold ➝ Buy	Low
1/31/2023	HPGLY Hapag-Lloyd Aktiengesellschaft	Downgrade	$162.00		Hold ➝ Reduce	Low
12/22/2022	EBKOF Erste Group Bank	Upgrade	$33.00	$39.00	Buy	N/A
12/13/2022	LSMNF lastminute.com	Initiated Coverage	$27.00	$30.00	Buy	Low
12/7/2022	EADSY Airbus	Downgrade	$33.00		Buy ➝ Hold	Low
12/7/2022	SMEGF Siemens Energy	Downgrade	$21.00		Buy ➝ Hold	Low
11/30/2022	UNJCF Unicaja Banco	Downgrade	$1.00	$0.87	Hold ➝ Reduce	Low
11/29/2022	SZGPY Salzgitter	Downgrade	$4.00		Buy ➝ Hold	Low
11/28/2022	FOJCY Fortum Oyj	Upgrade	$3.00		Reduce ➝ Hold	Low
11/28/2022	DDCCF DIC Asset	Downgrade	€9.00	€9.50	Buy ➝ Hold	N/A
11/28/2022	CFMOF Cofinimmo	Upgrade	$86.00		Hold ➝ Buy	N/A
11/18/2022	KNKZF KWS SAAT SE & Co. KGaA	Upgrade	$65.00	$68.00	Hold ➝ Buy	Low
11/18/2022	TSDOF Tessenderlo Group	Upgrade	$31.00		Hold ➝ Buy	Low
11/18/2022	INDHF INDUS	Initiated Coverage	$43.00		Hold	Low
11/16/2022	ADSGF adesso	Upgrade	€130.00	€164.00	Hold ➝ Buy	N/A
11/14/2022	COYJF Citycon Oyj	Downgrade	$6.00	$7.30 ➝ $6.90	Buy ➝ Hold	Low
11/11/2022	GRGSF Grieg Seafood ASA	Downgrade	$7.00	$60.00	Sell	Low
11/8/2022	VWDRY Vestas Wind Systems A/S	Upgrade	$10.00		Reduce ➝ Buy	Low
11/7/2022	ISSDY ISS A/S	Downgrade	$10.00		Buy ➝ Hold	Low
11/7/2022	DPBSF Dampskibsselskabet Norden A/S	Downgrade	$68.00		Buy ➝ Hold	N/A
10/28/2022	HLN Haleon	Initiated Coverage	$324.00	$275.00	Hold	Low
10/26/2022	LDSVF Chocoladefabriken Lindt & Sprüngli	Downgrade	$11,200.00		Hold ➝ Reduce	Low
10/24/2022	ABB ABB	Downgrade	$33.00		Buy ➝ Hold	Low
10/24/2022	KLKNF Klöckner & Co SE	Downgrade	$10.00		Buy ➝ Hold	Low
10/19/2022	AFLYY Air France-KLM	Upgrade	€2.00	€1.90	Hold ➝ Buy	Low
10/14/2022	TMSNY Temenos	Downgrade	CHF 66	CHF 58	Buy ➝ Hold	Low
10/14/2022	TLTZY Tele2 AB (publ)	Upgrade	$5.00		Hold ➝ Buy	Low
10/13/2022	AKZOY Akzo Nobel	Upgrade	€25.00	€58.00	Reduce ➝ Hold	Low
10/13/2022	CTPVF CTP	Initiated Coverage	$15.00		Hold	N/A
10/12/2022	STLFF Stillfront Group AB (publ)	Upgrade	$2.00		Reduce ➝ Hold	Low
10/7/2022	NRYYF Norway Royal Salmon AS	Downgrade	$25.00		Hold ➝ Reduce	Low
10/7/2022	SALRF SalMar ASA	Downgrade	40.00	360.00	Buy ➝ Hold	Low
9/29/2022	LNZNF Lenzing Aktiengesellschaft	Downgrade	$80.00		Hold ➝ Reduce	Low
9/29/2022	SEIGY Semperit Aktiengesellschaft	Downgrade	$6.00		Buy ➝ Hold	Low
9/7/2022	NVS Novartis	Upgrade	CHF 84	CHF 90	Hold ➝ Buy	Low
8/26/2022	WILLF Demant A/S	Downgrade	$32.00	$215.00	Sell	N/A
8/24/2022	SNY Sanofi	Downgrade	€49.00	€120.00 ➝ €89.00	Buy ➝ Hold	Low
8/23/2022	SFNXF Sofina Société Anonyme	Upgrade	$217.00	$210.00	Reduce ➝ Hold	N/A
8/11/2022	BASFY Basf	Downgrade	$12.00		Buy ➝ Hold	Low
8/11/2022	OUTKY Outokumpu Oyj	Downgrade	€3.00	€5.00	Buy ➝ Hold	Low
8/10/2022	SGLFF SGL Carbon	Upgrade	€10.00	€8.20	Hold ➝ Buy	Low
8/10/2022	DUFRY Dufry	Upgrade	$4.00		Reduce ➝ Hold	Low
8/10/2022	WDPSF Warehouses De Pauw NV/SA	Upgrade	€27.00	€37.00	Hold ➝ Buy	Low
8/10/2022	SEGXF SEGRO	Upgrade	$9.00		Reduce ➝ Hold	Low
8/4/2022	DBVT DBV Technologies	Upgrade	€2.00	€6.00	Hold ➝ Buy	Low
8/4/2022	ARZGY Assicurazioni Generali	Upgrade	$10.00		Hold ➝ Buy	Low
8/3/2022	IPHA Innate Pharma	Downgrade	€3.00	€3.10	Buy ➝ Hold	Low
8/1/2022	AMSSY ams-OSRAM	Downgrade	$4.00		Buy ➝ Hold	Low
8/1/2022	DTEGY Deutsche Telekom	Initiated Coverage	$24.00		Buy	Low
7/28/2022	VALN Valneva	Downgrade	$11.00		Buy ➝ Hold	Low
7/27/2022	KLPEF Klépierre	Upgrade	€25.00	€25.50	Hold ➝ Buy	Low
7/22/2022	NOK Nokia Oyj	Downgrade	$5.00		Buy ➝ Hold	Low
7/15/2022	ERIC Telefonaktiebolaget LM Ericsson (publ)	Downgrade	$5.00		Hold	Low
7/11/2022	AEXAY Atos	Downgrade	$3.00		Buy ➝ Hold	N/A
7/8/2022	RACE Ferrari	Upgrade	$267.00	$185.00	Hold	N/A
6/30/2022	AVACF Avance Gas	Upgrade	$7.00	$71.00	Buy	N/A
6/29/2022	DEO Diageo	Downgrade	$177.00		Buy ➝ Hold	Low
6/29/2022	CCEP Coca-Cola Europacific Partners	Downgrade	$57.00		Buy ➝ Hold	Low
6/29/2022	DGEAF Diageo	Downgrade	$44.00	$3,850.00	Hold	Low
6/20/2022	COP CompuGroup Medical SE & Co. KGaA	Set Price Target	€47.00	€53.00		N/A
6/16/2022	CUYTY Etn. Fr. Colruyt	Downgrade	€7.00	€45.00 ➝ €29.00	Buy ➝ Hold	Low
6/16/2022	CALT Calliditas Therapeutics AB (publ)	Initiated Coverage	$24.00		Buy	High
6/14/2022	LVMUY LVMH Moët Hennessy - Louis Vuitton, Société Européenne	Upgrade	$174.00		Hold ➝ Buy	Low
6/14/2022	PPRUY Kering	Downgrade	$61.00		Buy ➝ Hold	High
6/13/2022	GNGBY Getinge AB (publ)	Downgrade	SEK 22	SEK 435 ➝ SEK 280	Buy ➝ Hold	Low
6/9/2022	ARZTF Aryzta	Upgrade	$1.00		Reduce ➝ Hold	Low
6/8/2022	RACE Ferrari	Upgrade	$267.00		Reduce ➝ Hold	Low
5/31/2022	ICAGY International Consolidated Airlines Group	Upgrade	$3.00		Reduce ➝ Buy	Low
5/19/2022	AAVMY ABN AMRO Bank	Downgrade	$16.00		Buy ➝ Hold	Low
5/18/2022	RTLLF RATIONAL Aktiengesellschaft	Upgrade	€588.00	€670.00	Hold ➝ Buy	Low
5/18/2022	AZN AstraZeneca	Downgrade	$67.00		Buy ➝ Hold	Medium
5/9/2022	ORKLY Orkla ASA	Upgrade	$7.00		Hold ➝ Buy	Medium
5/6/2022	DPSGY Deutsche Post	Upgrade	$45.00		Hold ➝ Buy	Low
5/6/2022	BMW Bayerische Motoren Werke Aktiengesellschaft	Set Price Target	€97.00	€87.00		N/A
5/6/2022	DPW Deutsche Post	Set Price Target	€42.00	€50.00		N/A
5/4/2022	DVDCF Davide Campari-Milano	Downgrade	€12.00	€11.30	Buy ➝ Hold	Low
4/29/2022	SSAAY SSAB AB (publ)	Upgrade	SEK 3	SEK 65 ➝ SEK 80	Hold ➝ Buy	Low
4/29/2022	NVZMY Novozymes A/S	Upgrade	$49.00		Reduce ➝ Hold	Low
4/27/2022	CEVMY CTS Eventim AG & Co. KGaA	Upgrade	$17.00		Hold ➝ Buy	Low
4/26/2022	CODYY Compagnie de Saint-Gobain	Upgrade	$11.00		Hold ➝ Buy	Medium
4/21/2022	GRGSF Grieg Seafood ASA	Downgrade	$7.00	$142.00	Buy ➝ Hold	N/A
4/21/2022	NRYYF Norway Royal Salmon AS	Downgrade	$25.00	$260.00	Buy ➝ Hold	N/A
4/14/2022	ETTYF Essity AB (publ)	Downgrade	$27.00		Buy ➝ Hold	Low
4/14/2022	VOSSF Vossloh	Downgrade	$54.00		Buy ➝ Hold	Low
4/14/2022	TLTZY Tele2 AB (publ)	Downgrade	$5.00		Buy ➝ Hold	High
4/13/2022	ATASY Atlantia	Downgrade	€12.00	€20.00 ➝ €23.00	Buy ➝ Hold	Low
4/8/2022	DB Deutsche Bank Aktiengesellschaft	Upgrade	$11.00	$15.40	Buy	High
4/7/2022	STLFF Stillfront Group AB (publ)	Downgrade	$2.00		Buy ➝ Hold	Low
4/7/2022	RANJY Randstad	Downgrade	€31.00	€45.00	Hold ➝ Reduce	Low
4/7/2022	VLVLY AB Volvo (publ)	Downgrade	$20.00		Buy ➝ Hold	Low
4/7/2022	AHEXY Adecco Group	Downgrade	CHF 17	CHF 36	Hold ➝ Reduce	Low
4/7/2022	AFGVF Agfa-Gevaert	Initiated Coverage	$3.00		Buy	Low
3/30/2022	AIQUY L'Air Liquide	Downgrade	$32.00		Buy ➝ Hold	High
3/30/2022	ARKAY Arkema	Downgrade	$98.00		Buy ➝ Hold	Low
3/29/2022	KIGRY Kion Group	Downgrade	$8.00		Buy ➝ Hold	Low
3/18/2022	SBOEF Schoeller-Bleckmann Oilfield Equipment Aktiengesellschaft	Downgrade	$47.00		Buy ➝ Hold	Low
3/17/2022	ARZGY Assicurazioni Generali	Downgrade	€10.00	€21.00 ➝ €20.00	Buy ➝ Hold	Medium