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
1/8/2024	ASML ASML	Upgrade	$892.00		Hold ➝ Buy	Low
10/10/2023	COTY Coty	Initiated Coverage	$12.00	$11.66	Hold	Low
10/5/2023	BTVCY Britvic	Downgrade	$21.00		Buy ➝ Hold	Low
10/5/2023	CABGY Carlsberg A/S	Upgrade	$27.00		Reduce ➝ Hold	Low
10/5/2023	HEINY Heineken	Upgrade	$50.00		Hold ➝ Buy	Low
10/5/2023	PDRDY Pernod Ricard	Upgrade	$47.00		Reduce ➝ Hold	Low
8/18/2023	BAESY BAE Systems	Upgrade	$69.00		Hold ➝ Buy	Low
8/1/2023	FTI TechnipFMC	Downgrade	$26.00	$19.00 ➝ $19.50	Buy ➝ Hold	Low
6/23/2023	IHG InterContinental Hotels Group	Downgrade	$102.00		Buy ➝ Hold	Low
5/26/2023	MTLS Materialise	Upgrade	$5.00	$11.00	Hold ➝ Buy	Low
5/11/2023	ALV Autoliv	Upgrade	$118.00	$105.00	Hold ➝ Buy	Low
5/9/2023	CABGY Carlsberg A/S	Downgrade	$27.00		Hold ➝ Reduce	Low
5/8/2023	AMKBY A.P. Møller - Mærsk A/S	Upgrade	$7.00		Hold ➝ Buy	Low
4/25/2023	OEZVY Verbund	Upgrade	$16.00		Reduce ➝ Hold	Low
4/3/2023	DSRLF DiaSorin	Downgrade	$107.00		Hold ➝ Reduce	Low
3/8/2023	G1A GEA Group Aktiengesellschaft	Set Price Target	€37.00	€50.00		N/A
2/17/2023	AMKBY A.P. Møller - Mærsk A/S	Downgrade	$7.00		Buy ➝ Hold	Low
2/13/2023	CS Credit Suisse Group	Downgrade	$1.00		Hold ➝ Reduce	Low
2/10/2023	LGRDY Legrand	Upgrade	$21.00		Hold ➝ Buy	Low
1/31/2023	HPGLY Hapag-Lloyd Aktiengesellschaft	Downgrade	$89.00		Hold ➝ Reduce	Low
12/22/2022	EBKOF Erste Group Bank	Upgrade	$46.00	$39.00	Buy	N/A
12/13/2022	LSMNF lastminute.com	Initiated Coverage	$24.00	$30.00	Buy	Low
12/7/2022	SMEGF Siemens Energy	Downgrade	$19.00		Buy ➝ Hold	Low
12/7/2022	EADSY Airbus	Downgrade	$43.00		Buy ➝ Hold	Low
11/30/2022	UNJCF Unicaja Banco	Downgrade	$1.00	$0.87	Hold ➝ Reduce	Low
11/29/2022	SZGPY Salzgitter	Downgrade	$2.00		Buy ➝ Hold	Low
11/28/2022	FOJCY Fortum Oyj	Upgrade	$3.00		Reduce ➝ Hold	Low
11/28/2022	DDCCF Branicks Group	Downgrade	€2.00	€9.50	Buy ➝ Hold	N/A
11/28/2022	CFMOF Cofinimmo	Upgrade	$62.00		Hold ➝ Buy	N/A
11/18/2022	TSDOF Tessenderlo Group	Upgrade	$30.00		Hold ➝ Buy	Low
11/18/2022	INDHF INDUS	Initiated Coverage	$22.00		Hold	Low
11/18/2022	KNKZF KWS SAAT SE & Co. KGaA	Upgrade	$50.00	$68.00	Hold ➝ Buy	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	$6.00	$60.00	Sell	Low
11/8/2022	VWDRY Vestas Wind Systems A/S	Upgrade	$9.00		Reduce ➝ Buy	Low
11/7/2022	ISSDY ISS A/S	Downgrade	$9.00		Buy ➝ Hold	Low
11/7/2022	DPBSF Dampskibsselskabet Norden A/S	Downgrade	$40.00		Buy ➝ Hold	N/A
10/28/2022	HLN Haleon	Initiated Coverage	$329.00	$275.00	Hold	Low
10/26/2022	LDSVF Chocoladefabriken Lindt & Sprüngli	Downgrade	$11,277.00		Hold ➝ Reduce	Low
10/24/2022	KLKNF Klöckner & Co SE	Downgrade	$7.00		Buy ➝ Hold	Low
10/24/2022	ABBNY ABB	Downgrade	$49.00		Buy ➝ Hold	Low
10/19/2022	AFLYY Air France-KLM	Upgrade	€1.00	€1.90	Hold ➝ Buy	Low
10/14/2022	TLTZY Tele2 AB (publ)	Upgrade	$5.00		Hold ➝ Buy	Low
10/14/2022	TMSNY Temenos	Downgrade	CHF 65	CHF 58	Buy ➝ Hold	Low
10/13/2022	CTPVF CTP	Initiated Coverage	$15.00		Hold	N/A
10/13/2022	AKZOY Akzo Nobel	Upgrade	€22.00	€58.00	Reduce ➝ Hold	Low
10/12/2022	STLFF Stillfront Group AB (publ)	Upgrade	$1.00		Reduce ➝ Hold	Low
10/7/2022	NRYYF Norway Royal Salmon AS	Downgrade	$25.00		Hold ➝ Reduce	Low
10/7/2022	SALRF SalMar ASA	Downgrade	64.00	360.00	Buy ➝ Hold	Low
9/29/2022	SEIGY Semperit Aktiengesellschaft	Downgrade	$3.00		Buy ➝ Hold	Low
9/29/2022	LNZNF Lenzing Aktiengesellschaft	Downgrade	$33.00		Hold ➝ Reduce	Low
9/7/2022	NVS Novartis	Upgrade	CHF 98	CHF 90	Hold ➝ Buy	Low
8/26/2022	WILLF Demant A/S	Downgrade	$50.00	$215.00	Sell	N/A
8/24/2022	SNY Sanofi	Downgrade	€47.00	€120.00 ➝ €89.00	Buy ➝ Hold	Low
8/23/2022	SFNXF Sofina Société Anonyme	Upgrade	$231.00	$210.00	Reduce ➝ Hold	N/A
8/11/2022	OUTKY Outokumpu Oyj	Downgrade	€2.00	€5.00	Buy ➝ Hold	Low
8/11/2022	BASFY Basf	Downgrade	$14.00		Buy ➝ Hold	Low
8/10/2022	WDPSF Warehouses De Pauw	Upgrade	€29.00	€37.00	Hold ➝ Buy	Low
8/10/2022	DUFRY Avolta	Upgrade	$4.00		Reduce ➝ Hold	Low
8/10/2022	SGLFF SGL Carbon	Upgrade	€8.00	€8.20	Hold ➝ Buy	Low
8/10/2022	SEGXF SEGRO	Upgrade	$10.00		Reduce ➝ Hold	Low
8/4/2022	DBVT DBV Technologies	Upgrade	€1.00	€6.00	Hold ➝ Buy	Low
8/4/2022	ARZGY Assicurazioni Generali	Upgrade	$12.00		Hold ➝ Buy	Low
8/3/2022	IPHA Innate Pharma	Downgrade	€2.00	€3.10	Buy ➝ Hold	Low
8/1/2022	AMSSY ams-OSRAM	Downgrade	$1.00		Buy ➝ Hold	Low
8/1/2022	DTEGY Deutsche Telekom	Initiated Coverage	$23.00		Buy	Low
7/28/2022	VALN Valneva	Downgrade	$8.00		Buy ➝ Hold	Low
7/27/2022	KLPEF Klépierre	Upgrade	€27.00	€25.50	Hold ➝ Buy	Low
7/22/2022	NOK Nokia Oyj	Downgrade	$4.00		Buy ➝ Hold	Low
7/15/2022	ERIC Telefonaktiebolaget LM Ericsson (publ)	Downgrade	$5.00		Hold	Low
7/11/2022	AEXAY Atos	Downgrade	$0.00		Buy ➝ Hold	N/A
7/8/2022	RACE Ferrari	Upgrade	$420.00	$185.00	Hold	N/A
6/30/2022	AVACF Avance Gas	Upgrade	$14.00	$71.00	Buy	N/A
6/29/2022	DGEAF Diageo	Downgrade	$34.00	$3,850.00	Hold	Low
6/29/2022	CCEP Coca-Cola Europacific Partners	Downgrade	$70.00		Buy ➝ Hold	Low
6/29/2022	DEO Diageo	Downgrade	$140.00		Buy ➝ Hold	Low
6/20/2022	COP CompuGroup Medical SE & Co. KGaA	Set Price Target	€29.00	€53.00		N/A
6/16/2022	CUYTY Colruyt Group	Downgrade	€11.00	€45.00 ➝ €29.00	Buy ➝ Hold	Low
6/16/2022	CALT Calliditas Therapeutics AB (publ)	Initiated Coverage	$18.00		Buy	High
6/14/2022	PPRUY Kering	Downgrade	$35.00		Buy ➝ Hold	High
6/14/2022	LVMUY LVMH Moët Hennessy - Louis Vuitton, Société Européenne	Upgrade	$172.00		Hold ➝ Buy	Low
6/13/2022	GNGBY Getinge AB (publ)	Downgrade	SEK 21	SEK 435 ➝ SEK 280	Buy ➝ Hold	Low
6/9/2022	ARZTF Aryzta	Upgrade	$2.00		Reduce ➝ Hold	Low
6/8/2022	RACE Ferrari	Upgrade	$420.00		Reduce ➝ Hold	Low
5/31/2022	ICAGY International Consolidated Airlines Group	Upgrade	$4.00		Reduce ➝ Buy	Low
5/19/2022	AAVMY ABN AMRO Bank	Downgrade	$17.00		Buy ➝ Hold	Low
5/18/2022	AZN AstraZeneca	Downgrade	$71.00		Buy ➝ Hold	Medium
5/18/2022	RTLLF RATIONAL Aktiengesellschaft	Upgrade	€871.00	€670.00	Hold ➝ Buy	Low
5/9/2022	ORKLY Orkla ASA	Upgrade	$7.00		Hold ➝ Buy	Medium
5/6/2022	DPW Ault Global	Set Price Target	€0.00	€50.00		N/A
5/6/2022	BMW Bayerische Motoren Werke Aktiengesellschaft	Set Price Target	€107.00	€87.00		N/A
5/6/2022	DPSGY Deutsche Post	Upgrade	$49.00		Hold ➝ Buy	Low
5/4/2022	DVDCF Davide Campari-Milano	Downgrade	€10.00	€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	$56.00		Reduce ➝ Hold	Low
4/27/2022	CEVMY CTS Eventim AG & Co. KGaA	Upgrade	$22.00		Hold ➝ Buy	Low
4/26/2022	CODYY Compagnie de Saint-Gobain	Upgrade	$15.00		Hold ➝ Buy	Medium
4/21/2022	GRGSF Grieg Seafood ASA	Downgrade	$6.00	$142.00	Buy ➝ Hold	N/A
4/21/2022	NRYYF Norway Royal Salmon AS	Downgrade	$25.00	$260.00	Buy ➝ Hold	N/A