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
BAS Basf	Set Price Target	€71.00	€92.00	Buy	N/A
SY1 Symrise	Set Price Target	€97.00	€101.00	Neutral	N/A
EOAN E.On	Set Price Target	€8.00	€12.90	Buy	N/A
LHA Deutsche Lufthansa	Set Price Target	€12.00	€7.50	Neutral	N/A
EVK Evonik Industries	Set Price Target	€29.00	€40.00	Buy	N/A
HEN3 Henkel AG & Co. KGaA	Set Price Target	€85.00	€85.00	Sell	N/A
UN01 Uniper	Set Price Target	€30.00	€17.50	Sell	N/A
NEE NextEra Energy	Initiated Coverage	$71.00	$88.00	Outperform	High
TCOM Trip.com Group	Initiated Coverage	$40.00	$51.00	Outperform	Low
BDRFF Beiersdorf Aktiengesellschaft	Reiterated Rating	$101.00		Outperform ➝ Market Perform	Low
BN Danone	Set Price Target	€57.00	€46.00	Sell	N/A
APA Apache	Downgrade	$23.00	$20.00 ➝ $20.00	Outperform ➝ Market Perform	Low
PXD Pioneer Natural Resources	Downgrade	$164.00	$143.00	Outperform ➝ Market Perform	Low
BAS Basf	Set Price Target	€71.00	€88.00	Buy	N/A
RDSB Royal Dutch Shell	Reiterated Rating	GBX 1,488	GBX 2,400	Buy	N/A
IAG International Consolidated Airlines Group, S.A. (IAG.L)	Set Price Target	GBX 204	GBX 200	Buy	N/A
FP Total	Set Price Target	€41.00	€43.00	Neutral	N/A
ENI ENI	Set Price Target	€10.00	€8.00	Sell	N/A
CRM salesforce.com	Set Price Target	$211.00	$233.00	Neutral	High
KER Kering	Set Price Target	€539.00	€550.00	Neutral	N/A
TCOM Trip.com Group	Initiated Coverage	$40.00	$51.00	Outperform	Low
BDRFF Beiersdorf Aktiengesellschaft	Downgrade	$101.00		Outperform ➝ Market Perform	Low
BDRFY Beiersdorf Aktiengesellschaft	Downgrade	$21.00		Outperform ➝ Market Perform	Low
RB Reckitt Benckiser Group	Set Price Target	GBX 6,270	GBX 6,800	Neutral	N/A
VOW3 Volkswagen AG (VOW3.F)	Set Price Target	€193.00	€190.00	Neutral	N/A
FDX FedEx	Set Price Target	$257.00	$324.00	Buy	Low
UPS United Parcel Service	Set Price Target	$164.00	$200.00	Buy	Low
DPW Deutsche Post	Set Price Target	€41.00	€50.00	Buy	N/A
KHNGY Kuehne + Nagel International	Upgrade	$52.00		Market Perform ➝ Outperform	High
FRE Fresenius SE & Co. KGaA	Set Price Target	€36.00	€41.00	Buy	N/A
FME Fresenius Medical Care AG & Co. KGaA	Set Price Target	€57.00	€61.00	Neutral	N/A
SY1 Symrise	Set Price Target	€97.00	€101.00	Neutral	N/A
EVK Evonik Industries	Set Price Target	€29.00	€40.00	Buy	N/A
ULVR Unilever	Reiterated Rating	GBX 3,891	GBX 4,000	Sell	N/A
BN Danone	Set Price Target	€57.00	€46.00	Sell	N/A
KER Kering	Set Price Target	€539.00	€600.00	Neutral	N/A
AB AllianceBernstein	Boost Price Target	$37.00	$38.50 ➝ $41.00	Buy	Low
LHA Deutsche Lufthansa	Set Price Target	€12.00	€7.50	Neutral	N/A
AF Air France-KLM	Set Price Target	€5.00	€1.00	Sell	N/A
AFLYY Air France-KLM	Downgrade	$6.00		Market Perform ➝ Underperform	Low
FME Fresenius Medical Care AG & Co. KGaA	Set Price Target	€57.00	€61.00	Neutral	N/A
VOW3 Volkswagen AG (VOW3.F)	Set Price Target	€193.00	€190.00	Neutral	N/A
DPW Deutsche Post	Set Price Target	€41.00	€50.00	Buy	N/A
RBGLY Reckitt Benckiser Group	Upgrade	$18.00		Underperform ➝ Market Perform	Low
RB Reckitt Benckiser Group	Reiterated Rating	GBX 6,270	GBX 6,800	Neutral	N/A
DAI Daimler AG (DAI.F)	Set Price Target	€70.00	€90.00	Buy	N/A
RDSB Royal Dutch Shell	Set Price Target	GBX 1,488	GBX 2,300	Buy	N/A
BN Danone	Set Price Target	€57.00	€46.00	Sell	N/A
RI Pernod Ricard	Set Price Target	€158.00	€182.00	Buy	N/A
DIS The Walt Disney	Reiterated Rating	$190.00	$124.00	Neutral	Low
LIN Linde plc (LIN.F)	Set Price Target	€203.00	€237.65	Neutral	N/A
TBVPF Thai Beverage Public	Downgrade	$1.00		Outperform ➝ Market Perform	Low
FRE Fresenius SE & Co. KGaA	Set Price Target	€36.00	€41.00	Buy	N/A
FME Fresenius Medical Care AG & Co. KGaA	Set Price Target	€57.00	€61.00	Neutral	N/A
RDEIY Red Eléctrica Corporación	Initiated Coverage	$8.00		Market Perform	Low
DPW Deutsche Post	Set Price Target	€41.00	€50.00	Buy	N/A
VOW3 Volkswagen AG (VOW3.F)	Set Price Target	€193.00	€190.00	Neutral	N/A
LIN Linde plc (LIN.F)	Set Price Target	€203.00	€237.65	Neutral	N/A
PINS Pinterest	Boost Price Target	$68.00	$75.00 ➝ $85.00	Market Perform	Low
RDSB Royal Dutch Shell	Set Price Target	GBX 1,488	GBX 2,300	Buy	N/A
ULVR Unilever	Set Price Target	GBX 3,891	GBX 4,300	Sell	N/A
EOAN E.On	Set Price Target	€8.00	€12.90	Buy	N/A
PLUG Plug Power	Initiated Coverage	$39.00	$75.00	Outperform	High
BE Bloom Energy	Initiated Coverage	$26.00		Market Perform	High
DAI Daimler AG (DAI.F)	Set Price Target	€70.00	€70.00	Buy	N/A
SHL Siemens Healthineers AG (SHL.F)	Set Price Target	€45.00	€53.00	Buy	N/A
FRE Fresenius SE & Co. KGaA	Set Price Target	€36.00	€45.00	Buy	N/A
BMW Bayerische Motoren Werke Aktiengesellschaft	Set Price Target	€76.00	€90.00	Buy	N/A
GVDBF Givaudan	Reiterated Rating	CHF 3,760		Sell	Low
AAPL Apple	Boost Price Target	$121.00	$120.00 ➝ $132.00	Neutral	N/A
EZJ easyJet	Set Price Target	GBX 976	GBX 1,000	Buy	N/A
BMW Bayerische Motoren Werke Aktiengesellschaft	Set Price Target	€76.00	€90.00	Buy	N/A
DAI Daimler AG (DAI.F)	Set Price Target	€70.00	€70.00	Buy	N/A
DGE Diageo	Set Price Target	GBX 2,942	GBX 3,520	Buy	N/A
MSFT Microsoft	Reiterated Rating	$232.00	$283.00	Buy	High
MA Mastercard	Initiated Coverage	$361.00	$380.00	Outperform	High
PYPL PayPal	Initiated Coverage	$239.00	$297.00	Outperform	High
SQ Square	Reiterated Rating	$216.00	$266.00	Outperform	Medium
FISV Fiserv	Initiated Coverage	$120.00	$124.00	Outperform	High
GPN Global Payments	Reiterated Rating	$198.00	$214.00	Outperform	High
FIS Fidelity National Information Services	Reiterated Rating	$141.00		Market Perform	High
SHL Siemens Healthineers AG (SHL.F)	Set Price Target	€45.00	€48.00	Buy	N/A
LHA Deutsche Lufthansa	Set Price Target	€12.00	€7.50	Neutral	N/A
AF Air France-KLM	Set Price Target	€5.00	€3.00	Neutral	N/A
CNR Canadian National Railway	Lower Price Target	C$142.00	C$168.00 ➝ C$156.00		N/A
MC LVMH Moët Hennessy - Louis Vuitton, Société Européenne	Set Price Target	€523.00	€550.00	Buy	N/A
DKNG DraftKings	Initiated Coverage	$60.00	$71.00	Outperform	Medium
V Visa	Initiated Coverage	$215.00	$232.00	Outperform	High
TCEHY Tencent	Initiated Coverage	$87.00		Outperform	High
MPNGF Meituan	Initiated Coverage	$43.00		Outperform	Medium
PDD Pinduoduo	Initiated Coverage	$157.00	$210.00	Outperform	Medium
JD JD.com	Initiated Coverage	$91.00	$120.00	Outperform	Medium
BILI Bilibili	Initiated Coverage	$119.00		Outperform	High
BABA Alibaba Group	Initiated Coverage	$234.00		Market Perform	Low
INTC Intel	Reiterated Rating	$61.00	$43.00	Sell	High
SY1 Symrise	Set Price Target	€97.00	€101.00	Neutral	N/A
BMW Bayerische Motoren Werke Aktiengesellschaft	Set Price Target	€76.00	€90.00	Buy	N/A
VOW3 Volkswagen AG (VOW3.F)	Set Price Target	€193.00	€180.00	Neutral	N/A
DAI Daimler AG (DAI.F)	Set Price Target	€70.00	€70.00	Buy	N/A
BAS Basf	Set Price Target	€71.00	€78.00	Buy	N/A