Sanford C. Bernstein Stock Recommendations and Price Targets

AllianceBernstein Holding L.P. (AllianceBernstein) is an investment firm that provides research, diversified investment management and related services globally to a range of clients. The Company's clients include institutional clients, retail clients, private clients, institutional investors and issuers of publicly-traded securities. The Company also provides distribution, shareholder servicing and administrative services to its sponsored mutual funds. AllianceBernstein offers a range of investment products and services to its clients. The Company serves clients in global markets through operations in 46 cities in 23 countries. The Company’s Bernstein Research Services generate revenues from clients to whom it provides research, portfolio analysis and brokerage-related services. On May 31, 2011, AllianceBernstein acquired Pyrander Capital Management, LLC. On November 30, 2011, the Company acquired Taiwan International Investment Management Co. (TIIM).

This is a list of recent ratings by Sanford C. Bernstein.

Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
TCEHY Tencent	Initiated Coverage	$90.00		Outperform	Low
MPNGF Meituan	Initiated Coverage	$49.00		Outperform	Low
PDD Pinduoduo	Initiated Coverage	$172.00	$210.00	Outperform	Low
JD JD.com	Initiated Coverage	$95.00	$120.00	Outperform	Low
BILI Bilibili	Initiated Coverage	$134.00		Outperform	Low
BABA Alibaba Group	Initiated Coverage	$259.00		Market Perform	Low
INTC Intel	Reiterated Rating	$57.00	$43.00	Sell	High
SY1 Symrise AG (SY1.F)	Set Price Target	€101.00	€101.00	Neutral	N/A
BMW Bayerische Motoren Werke Aktiengesellschaft (BMW.F)	Set Price Target	€71.00	€90.00	Buy	N/A
VOW3 Volkswagen AG (VOW3.F)	Set Price Target	€165.00	€180.00	Neutral	N/A
DAI Daimler AG (DAI.F)	Set Price Target	€59.00	€70.00	Buy	N/A
BAS BASF SE (BAS.F)	Set Price Target	€66.00	€78.00	Buy	N/A
ZAL Zalando SE (ZAL.F)	Set Price Target	€98.00	€107.00	Buy	N/A
CL Colgate-Palmolive	Initiated Coverage	$78.00	$77.00	Underperform	Low
PG The Procter & Gamble	Initiated Coverage	$130.00	$149.00	Market Perform	High
KMB Kimberly-Clark	Initiated Coverage	$132.00	$142.00	Market Perform	Low
CLX The Clorox	Initiated Coverage	$202.00	$206.00	Market Perform	Low
EL The Estée Lauder Companies	Initiated Coverage	$250.00	$311.00	Outperform	Medium
KO The Coca-Cola	Initiated Coverage	$48.00	$58.00 ➝ $58.00	Outperform	Low
MNST Monster Beverage	Initiated Coverage	$88.00	$100.00	Market Perform	Low
KDP Keurig Dr Pepper	Initiated Coverage	$31.00	$40.00	Outperform	Low
PEP PepsiCo	Initiated Coverage	$139.00	$136.00	Underperform	Low
PM Philip Morris International	Initiated Coverage	$81.00	$92.00	Market Perform	Low
MO Altria Group	Initiated Coverage	$42.00	$53.00 ➝ $53.00	Outperform	Medium
LHA Deutsche Lufthansa AG (LHA.F)	Set Price Target	€10.00	€7.50	Neutral	N/A
VOW3 Volkswagen AG (VOW3.F)	Set Price Target	€165.00	€180.00	Neutral	N/A
BMW Bayerische Motoren Werke Aktiengesellschaft (BMW.F)	Set Price Target	€71.00	€90.00	Buy	N/A
DAI Daimler AG (DAI.F)	Set Price Target	€59.00	€70.00	Buy	N/A
BN Danone S.A. (BN.PA)	Set Price Target	€55.00	€50.00	Sell	N/A
INTC Intel	Set Price Target	$57.00	$40.00	Sell	Low
BAS BASF SE (BAS.F)	Set Price Target	€66.00	€78.00	Buy	N/A
TSM Taiwan Semiconductor Manufacturing	Upgrade	$129.00	$149.00	Market Perform ➝ Outperform	Medium
BASFY Basf	Upgrade	$20.00		Market Perform ➝ Outperform	Low
RDSMY Koninklijke DSM	Downgrade	$45.00		Market Perform ➝ Underperform	Low
DGE Diageo plc (DGE.L)	Reiterated Rating	GBX 2,897	GBX 3,520	Buy	N/A
RI Pernod Ricard SA (RI.PA)	Set Price Target	€153.00	€178.00	Buy	N/A
SY1 Symrise AG (SY1.F)	Set Price Target	€101.00	€101.00	Neutral	N/A
GVDBF Givaudan	Reiterated Rating	CHF 4,056		Sell	Low
EVK Evonik Industries AG (EVK.F)	Set Price Target	€27.00	€40.00	Buy	N/A
DPW Deutsche Post AG (DPW.F)	Set Price Target	€43.00	€50.00	Buy	N/A
UNP Union Pacific	Upgrade	$207.00		Market Perform ➝ Outperform	High
CNI Canadian National Railway	Upgrade	$107.00		Market Perform ➝ Outperform	Medium
TBVPF Thai Beverage Public	Upgrade	$1.00		Market Perform ➝ Outperform	Low
SHL Siemens Healthineers AG (SHL.F)	Set Price Target	€45.00	€48.00	Buy	N/A
FRE Fresenius SE & Co. KGaA (FRE.F)	Set Price Target	€38.00	€45.00	Buy	N/A
FME Fresenius Medical Care AG & Co. KGaA (FME.F)	Set Price Target	€69.00	€73.00	Neutral	N/A
TMUS T-Mobile US	Set Price Target	$130.00	$172.00	Buy	N/A
PAH3 Porsche Automobil Holding SE (PAH3.F)	Set Price Target	€60.00	€68.00	Neutral	N/A
UN01 Uniper SE (UN01.F)	Set Price Target	€30.00	€17.50	Sell	N/A
EOAN E.ON SE (EOAN.F)	Set Price Target	€9.00	€12.90	Buy	N/A
NG National Grid plc (NG.L)	Reiterated Rating	GBX 876	GBX 1,005	Buy	N/A
POAHY Porsche Automobil	Upgrade	$7.00		Underperform ➝ Market Perform	N/A
INTC Intel	Set Price Target	$57.00	$40.00	Sell	N/A
HEN3 Henkel AG & Co. KGaA (HEN3.F)	Set Price Target	€89.00	€85.00	Sell	N/A
LHA Deutsche Lufthansa AG (LHA.F)	Set Price Target	€10.00	€8.60	Neutral	N/A
IAG International Consolidated Airlines Group, S.A. (IAG.L)	Set Price Target	GBX 139	GBX 200	Buy	N/A
EZJ easyJet plc (EZJ.L)	Set Price Target	GBX 720	GBX 1,000	Buy	N/A
AF Air France-KLM SA (AF.PA)	Set Price Target	€5.00	€3.00	Neutral	N/A
VOW3 Volkswagen AG (VOW3.F)	Set Price Target	€165.00	€180.00	Neutral	N/A
RDSB Royal Dutch Shell plc (RDSB.L)	Reiterated Rating	GBX 1,325	GBX 2,300	Buy	N/A
ENI Eni S.p.A. (ENI.F)	Set Price Target	€8.00	€7.00	Sell	N/A
FP TOTAL SE (FP.PA)	Set Price Target	€36.00	€43.00	Neutral	N/A
CEO CNOOC	Upgrade	$98.00		Market Perform ➝ Outperform	N/A
BA The Boeing	Downgrade	$206.00	$221.00 ➝ $199.00	Market Perform ➝ Underperform	N/A
E ENI	Downgrade	$21.00		Market Perform ➝ Underperform	N/A
EQNR Equinor ASA	Downgrade	$19.00		Outperform ➝ Market Perform	N/A
DAI Daimler AG (DAI.F)	Set Price Target	€59.00	€70.00	Buy	N/A
BMW Bayerische Motoren Werke Aktiengesellschaft (BMW.F)	Set Price Target	€71.00	€90.00	Buy	N/A
FME Fresenius Medical Care AG & Co. KGaA (FME.F)	Set Price Target	€69.00	€73.00	Neutral	N/A
HEN3 Henkel AG & Co. KGaA (HEN3.F)	Set Price Target	€89.00	€85.00	Sell	N/A
IAG International Consolidated Airlines Group, S.A. (IAG.L)	Set Price Target	GBX 139	GBX 200	Buy	N/A
EZJ easyJet plc (EZJ.L)	Set Price Target	GBX 720	GBX 1,000	Buy	N/A
AF Air France-KLM SA (AF.PA)	Set Price Target	€5.00	€3.00	Neutral	N/A
LHA Deutsche Lufthansa AG (LHA.F)	Set Price Target	€10.00	€8.60	Neutral	N/A
INTC Intel	Set Price Target	$57.00	$40.00	Sell	N/A
VOW3 Volkswagen AG (VOW3.F)	Set Price Target	€165.00	€180.00	Neutral	N/A
DAI Daimler AG (DAI.F)	Set Price Target	€59.00	€70.00	Buy	N/A
BMW Bayerische Motoren Werke Aktiengesellschaft (BMW.F)	Set Price Target	€71.00	€90.00	Buy	N/A
FME Fresenius Medical Care AG & Co. KGaA (FME.F)	Set Price Target	€69.00	€73.00	Neutral	N/A
FRE Fresenius SE & Co. KGaA (FRE.F)	Set Price Target	€38.00	€45.00	Buy	N/A
SHL Siemens Healthineers AG (SHL.F)	Set Price Target	€45.00	€48.00	Buy	N/A
LHA Deutsche Lufthansa AG (LHA.F)	Set Price Target	€10.00	€8.60	Neutral	N/A
VOW3 Volkswagen AG (VOW3.F)	Set Price Target	€165.00	€180.00	Neutral	N/A
INTC Intel	Set Price Target	$57.00	$40.00	Sell	Low
IAG International Consolidated Airlines Group, S.A. (IAG.L)	Set Price Target	GBX 139	GBX 200	Buy	N/A
EZJ easyJet plc (EZJ.L)	Set Price Target	GBX 720	GBX 1,000	Buy	N/A
AF Air France-KLM SA (AF.PA)	Set Price Target	€5.00	€3.00	Neutral	N/A
FME Fresenius Medical Care AG & Co. KGaA (FME.F)	Set Price Target	€69.00	€73.00	Neutral	N/A
FRE Fresenius SE & Co. KGaA (FRE.F)	Set Price Target	€38.00	€45.00	Buy	N/A
SHL Siemens Healthineers AG (SHL.F)	Set Price Target	€45.00	€48.00	Buy	N/A
SNN Smith & Nephew	Upgrade	$45.00	$46.50	Market Perform ➝ Outperform	Medium
DAI Daimler AG (DAI.F)	Set Price Target	€59.00	€70.00	Buy	N/A
BMW Bayerische Motoren Werke Aktiengesellschaft (BMW.F)	Set Price Target	€71.00	€90.00	Buy	N/A
LHA Deutsche Lufthansa AG (LHA.F)	Set Price Target	€10.00	€8.60	Neutral	N/A
TUIFY TUI	Downgrade	$4.00		Market Perform ➝ Underperform	Medium
VOW3 Volkswagen AG (VOW3.F)	Set Price Target	€165.00	€180.00	Neutral	N/A
VWAGY Volkswagen	Upgrade	$22.00		Underperform ➝ Market Perform	High
KER Kering SA (KER.PA)	Set Price Target	€544.00	€600.00	Neutral	N/A
MC LVMH Moët Hennessy - Louis Vuitton, Société Européenne (MC.PA)	Set Price Target	€512.00	€550.00	Buy	N/A
HESAY Hermès International Société en commandite par actions	Downgrade	$107.00		Outperform ➝ Market Perform	Low