Warburg Research Stock Recommendations and Price Targets

This is a list of recent ratings by Warburg Research.

Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
BOSS Hugo Boss	Set Price Target	€33.00	€46.00	Buy	N/A
DLG Dialog Semiconductor	Set Price Target	€64.00	€67.50	Neutral	N/A
PSM ProSiebenSat.1 Media	Set Price Target	€16.00	€19.00	Buy	N/A
HEN3 Henkel AG & Co. KGaA	Set Price Target	€85.00	€107.00	Buy	N/A
G1A GEA Group Aktiengesellschaft	Set Price Target	€32.00	€32.00	Neutral	N/A
EVK Evonik Industries	Set Price Target	€29.00	€30.00	Buy	N/A
DRW3 Drägerwerk AG & Co. KGaA	Set Price Target	€62.00	€75.00	Neutral	N/A
O2D Telefónica Deutschland	Set Price Target	€2.00	€2.70	Buy	N/A
SAE Shop Apotheke Europe	Set Price Target	€180.00	€169.00	Neutral	N/A
PUM Puma	Set Price Target	€84.00	€117.00	Buy	N/A
KGX Kion Group	Set Price Target	€74.00	€83.00	Buy	N/A
BMW Bayerische Motoren Werke Aktiengesellschaft	Set Price Target	€76.00	€85.00	Buy	N/A
SIX2 Sixt	Set Price Target	€111.00	€115.00	Buy	N/A
VOW3 Volkswagen AG (VOW3.F)	Set Price Target	€193.00	€220.00	Buy	N/A
SKB Koenig & Bauer	Set Price Target	€24.00	€33.00	Buy	N/A
NOEJ NORMA Group	Set Price Target	€42.00	€52.00	Buy	N/A
KRN Krones	Set Price Target	€66.00	€86.00	Buy	N/A
DIC DIC Asset	Set Price Target	€15.00	€22.00	Buy	N/A
AOX alstria office REIT	Set Price Target	€14.00	€16.10	Buy	N/A
TTK Takkt	Set Price Target	€12.00	€11.80	Buy	N/A
FNTN freenet	Set Price Target	€19.00	€24.00	Buy	N/A
AIXA Aixtron	Set Price Target	€17.00	€17.00	Neutral	N/A
BDT Bertrandt Aktiengesellschaft	Set Price Target	€46.00	€53.00	Neutral	N/A
ZIL2 ElringKlinger	Set Price Target	€14.00	€12.50	Neutral	N/A
PFV Pfeiffer Vacuum Technology	Set Price Target	€156.00	€132.00	Neutral	N/A
RAA RATIONAL Aktiengesellschaft	Set Price Target	€682.00	€710.00	Neutral	N/A
SANT S&T	Set Price Target	€21.00	€29.00	Buy	N/A
SFQ SAF-Holland	Set Price Target	€13.00	€17.00	Buy	N/A
DRI 1&1 Drillisch	Set Price Target	€25.00	€44.00	Buy	N/A
INH INDUS	Set Price Target	€33.00	€39.00	Buy	N/A
FRE Fresenius SE & Co. KGaA	Set Price Target	€36.00	€65.00	Buy	N/A
UTDI United Internet	Set Price Target	€36.00	€51.00	Buy	N/A
G24 Scout24	Set Price Target	€61.00	€62.00	Neutral	N/A
KBX Knorr-Bremse Aktiengesellschaft	Set Price Target	€103.00	€125.00	Buy	N/A
CWC CEWE Stiftung & Co. KGaA	Set Price Target	€113.00	€128.00	Buy	N/A
SKB Koenig & Bauer	Set Price Target	€24.00	€33.00	Buy	N/A
KWS KWS SAAT SE & Co. KGaA	Set Price Target	€71.00	€77.00	Neutral	N/A
MTX MTU Aero Engines	Set Price Target	€198.00	€140.00	Sell	N/A
AIXA Aixtron	Set Price Target	€17.00	€17.00	Neutral	N/A
ARL Aareal Bank	Set Price Target	€22.00	€27.50	Buy	N/A
DAI Daimler AG (DAI.F)	Set Price Target	€70.00		Sell	N/A
AAD Amadeus FiRe AG (AAD.F)	Set Price Target	€128.00	€165.00	Buy	N/A
VAR1 Varta	Set Price Target	€106.00	€85.00	Sell	N/A
NOEJ NORMA Group	Set Price Target	€42.00	€49.00	Buy	N/A
DRI 1&1 Drillisch	Set Price Target	€25.00	€39.00	Buy	N/A
PUM Puma	Set Price Target	€84.00	€97.00	Buy	N/A
DBAN Deutsche Beteiligungs	Set Price Target	€35.00	€43.00	Buy	N/A
LXS LANXESS Aktiengesellschaft	Set Price Target	€64.00	€80.00	Buy	N/A
B4B3 Metro AG (B4B3.F)	Set Price Target	€11.00	€9.00	Neutral	N/A
FNTN freenet	Set Price Target	€19.00	€24.00	Buy	N/A
HHFA Hamburger Hafen und Logistik Aktiengesellschaft	Set Price Target	€21.00	€16.50	Neutral	N/A
HLE HELLA GmbH & Co. KGaA	Set Price Target	€50.00	€64.00	Buy	N/A
AAD Amadeus FiRe AG (AAD.F)	Set Price Target	€128.00	€165.00	Buy	N/A
HDD Heidelberger Druckmaschinen Aktiengesellschaft	Set Price Target	€1.00	€0.90	Neutral	N/A
DIC DIC Asset	Set Price Target	€15.00	€19.50	Buy	N/A
JEN Jenoptik	Set Price Target	€25.00	€33.00	Buy	N/A
AT1 Aroundtown	Set Price Target	€6.00	€7.90	Buy	N/A
ZAL Zalando	Set Price Target	€80.00	€97.00	Neutral	N/A
DRI 1&1 Drillisch	Set Price Target	€25.00	€39.00	Buy	N/A
DLG Dialog Semiconductor	Set Price Target	€64.00	€67.50	Neutral	N/A
NDA Aurubis	Set Price Target	€70.00	€71.30	Neutral	N/A
RHM Rheinmetall	Set Price Target	€84.00	€107.00	Buy	N/A
COK Cancom	Set Price Target	€53.00	€55.00	Buy	N/A
DAI Daimler AG (DAI.F)	Set Price Target	€70.00	€82.00	Buy	N/A
COP Compugroup Medical SE & Co. KGaA	Set Price Target	€66.00	€87.00	Neutral	N/A
BC8 Bechtle	Set Price Target	€154.00	€175.00	Buy	N/A
RAA RATIONAL Aktiengesellschaft	Set Price Target	€682.00	€650.00	Neutral	N/A
FNTN freenet	Set Price Target	€19.00	€24.00	Buy	N/A
EVT Evotec SE (EVT.F)	Set Price Target	€29.00	€36.00	Buy	N/A
NEM Nemetschek SE (NEM.F)	Set Price Target	€51.00	€64.00	Neutral	N/A
WCH Wacker Chemie	Set Price Target	€108.00	€153.00	Buy	N/A
O2D Telefónica Deutschland	Set Price Target	€2.00	€3.10	Buy	N/A
DAI Daimler AG (DAI.F)	Set Price Target	€70.00	€68.00	Buy	N/A
LEO Leoni	Set Price Target	€11.00	€4.00	Sell	N/A
INH INDUS	Set Price Target	€33.00	€39.00	Buy	N/A
BMW Bayerische Motoren Werke Aktiengesellschaft	Set Price Target	€76.00	€80.00	Buy	N/A
COP Compugroup Medical SE & Co. KGaA	Set Price Target	€66.00	€87.00	Neutral	N/A
SHA Schaeffler	Set Price Target	€7.00	€7.00	Neutral	N/A
TIM ZEAL Network	Set Price Target	€20.00	€50.50	Buy	N/A
LXS LANXESS Aktiengesellschaft	Set Price Target	€64.00	€80.00	Buy	N/A
KRN Krones	Set Price Target	€66.00	€86.00	Buy	N/A
SY1 Symrise	Set Price Target	€97.00	€99.00	Neutral	N/A
HLAG Hapag-Lloyd Aktiengesellschaft	Set Price Target	€118.00	€57.00	Sell	N/A
ARL Aareal Bank	Set Price Target	€22.00	€27.50	Buy	N/A
KGX Kion Group	Set Price Target	€74.00	€83.00	Buy	N/A
JEN Jenoptik	Set Price Target	€25.00	€29.50	Buy	N/A
CWC CEWE Stiftung & Co. KGaA	Set Price Target	€113.00	€113.00	Buy	N/A
VOW3 Volkswagen AG (VOW3.F)	Set Price Target	€193.00	€205.00	Buy	N/A
PSM ProSiebenSat.1 Media	Set Price Target	€16.00	€15.00	Buy	N/A
NDA Aurubis	Set Price Target	€70.00	€71.30	Neutral	N/A
WCH Wacker Chemie	Set Price Target	€108.00	€142.50	Buy	N/A
SFQ SAF-Holland	Set Price Target	€13.00	€15.30	Buy	N/A
AOX alstria office REIT	Set Price Target	€14.00	€16.10	Buy	N/A
WAC Wacker Neuson	Set Price Target	€17.00	€21.00	Buy	N/A
BAS Basf	Set Price Target	€71.00	€77.00	Buy	N/A
O2D Telefónica Deutschland	Set Price Target	€2.00	€3.10	Buy	N/A
EVK Evonik Industries	Set Price Target	€29.00	€30.00	Buy	N/A
DBAN Deutsche Beteiligungs	Set Price Target	€35.00	€41.30	Buy	N/A
DAI Daimler AG (DAI.F)	Set Price Target	€70.00	€68.00	Buy	N/A
ARL Aareal Bank	Set Price Target	€22.00	€27.20	Buy	N/A