Warburg Research Stock Recommendations and Price Targets

This is a list of recent ratings by Warburg Research.

Date	Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
9/16/2021	WKRCF Wacker Neuson	Upgrade	$30.00	$31.00	Buy	N/A
9/16/2021	WAC Wacker Neuson	Set Price Target	€25.00	€31.00		N/A
9/16/2021	SZU Südzucker	Set Price Target	€14.00	€18.00		N/A
9/15/2021	WKCMF Wacker Chemie	Downgrade	$189.00	$166.00	Hold	N/A
9/15/2021	WCH Wacker Chemie	Set Price Target	€156.00	€166.00		N/A
9/15/2021	BNR Brenntag	Set Price Target	€84.00	€85.00		N/A
9/15/2021	COP CompuGroup Medical SE & Co. KGaA	Set Price Target	€80.00	€87.00		N/A
9/15/2021	NOEJ NORMA Group	Set Price Target	€36.00	€51.00		N/A
9/14/2021	LXS LANXESS Aktiengesellschaft	Set Price Target	€65.00	€85.00		N/A
9/7/2021	DAI Daimler	Set Price Target	€73.00	€101.00		N/A
9/7/2021	SAX Ströer SE & Co. KGaA	Set Price Target	€67.00	€90.00		N/A
9/6/2021	ARL Aareal Bank	Set Price Target	€23.00	€28.00		N/A
9/3/2021	AT1 Aroundtown	Set Price Target	€6.00	€7.80		N/A
9/2/2021	COK Cancom	Set Price Target	€53.00	€60.00		N/A
9/2/2021	HAB Hamborner REIT	Set Price Target	€9.00	€11.00		N/A
9/1/2021	FIE Fielmann Aktiengesellschaft	Set Price Target	€63.00	€74.00		N/A
9/1/2021	HDD Heidelberger Druckmaschinen Aktiengesellschaft	Set Price Target	€2.00	€2.50		N/A
8/31/2021	LXS LANXESS Aktiengesellschaft	Set Price Target	€65.00	€85.00		N/A
8/31/2021	ADV ADVA Optical Networking	Set Price Target	€13.00	€17.00		N/A
8/27/2021	COK Cancom	Set Price Target	€53.00	€60.00		N/A
8/26/2021	FIE Fielmann Aktiengesellschaft	Set Price Target	€63.00	€74.00		N/A
8/25/2021	LXS LANXESS Aktiengesellschaft	Set Price Target	€65.00	€85.00		N/A
8/25/2021	FNTN freenet	Set Price Target	€22.00	€26.00		N/A
8/25/2021	SZU Südzucker	Set Price Target	€14.00	€18.00		N/A
8/23/2021	HLE HELLA GmbH & Co. KGaA	Set Price Target	€61.00	€60.00		N/A
8/23/2021	PSM ProSiebenSat.1 Media	Set Price Target	€17.00	€23.00		N/A
8/19/2021	FNTN freenet	Set Price Target	€22.00	€26.00		N/A
8/19/2021	SZU Südzucker	Set Price Target	€14.00	€18.00		N/A
8/18/2021	DPW Deutsche Post	Set Price Target	€60.00	€58.00		N/A
8/18/2021	UTDI United Internet	Set Price Target	€35.00	€55.00		N/A
8/17/2021	HLAG Hapag-Lloyd Aktiengesellschaft	Set Price Target	€225.00	€180.00		N/A
8/17/2021	SAX Ströer SE & Co. KGaA	Set Price Target	€67.00	€72.00		N/A
8/17/2021	EVT Evotec	Set Price Target	€45.00	€48.00		N/A
8/16/2021	ZO1 zooplus	Set Price Target	€466.00	€390.00		N/A
8/16/2021	VAR1 Varta	Set Price Target	€121.00	€83.00		N/A
8/16/2021	HLE HELLA GmbH & Co. KGaA	Set Price Target	€61.00	€64.00		N/A
8/16/2021	HHFA Hamburger Hafen und Logistik Aktiengesellschaft	Set Price Target	€19.00	€19.50		N/A
8/13/2021	ADS adidas	Set Price Target	€285.00	€290.00		N/A
8/13/2021	SIX2 Sixt	Set Price Target	€114.00	€145.00		N/A
8/13/2021	DWNI Deutsche Wohnen	Set Price Target	€53.00	€53.80		N/A
8/13/2021	G1A GEA Group Aktiengesellschaft	Set Price Target	€40.00	€38.00		N/A
8/13/2021	TIM ZEAL Network	Set Price Target	€20.00	€56.00		N/A
8/12/2021	BC8 Bechtle	Set Price Target	€64.00	€200.00		N/A
8/12/2021	HEN3 Henkel AG & Co. KGaA	Set Price Target	€78.00	€115.00		N/A
8/12/2021	BNR Brenntag	Set Price Target	€84.00	€85.00		N/A
8/12/2021	ARL Aareal Bank	Set Price Target	€23.00	€27.50		N/A
8/12/2021	FNTN freenet	Set Price Target	€22.00	€25.00		N/A
8/12/2021	LEO Leoni	Set Price Target	€16.00	€12.00		N/A
8/11/2021	EVT Evotec	Set Price Target	€45.00	€40.00		N/A
8/11/2021	INH INDUS	Set Price Target	€33.00	€40.50		N/A
8/11/2021	JEN Jenoptik	Set Price Target	€30.00	€32.00		N/A
8/11/2021	TEG TAG Immobilien	Set Price Target	€26.00	€29.60		N/A
8/10/2021	HYQ Hypoport	Set Price Target	€597.00	€605.00		N/A
8/10/2021	CWC CEWE Stiftung & Co. KGaA	Set Price Target	€124.00	€141.00		N/A
8/10/2021	DPW Deutsche Post	Set Price Target	€60.00	€58.00		N/A
8/10/2021	AOX alstria office REIT	Set Price Target	€16.00	€18.40		N/A
8/10/2021	KCO Klöckner & Co SE	Set Price Target	€11.00	€15.50		N/A
8/9/2021	RHM Rheinmetall	Set Price Target	€78.00	€120.00		N/A
8/9/2021	BMW Bayerische Motoren Werke Aktiengesellschaft	Set Price Target	€83.00	€116.00		N/A
8/9/2021	BDT Bertrandt Aktiengesellschaft	Set Price Target	€49.00	€58.00		N/A
8/9/2021	WAC Wacker Neuson	Set Price Target	€25.00	€29.00		N/A
8/6/2021	SBS Stratec	Set Price Target	€138.00	€112.00		N/A
8/6/2021	SAE Shop Apotheke Europe	Set Price Target	€148.00	€179.00		N/A
8/6/2021	COP CompuGroup Medical SE & Co. KGaA	Set Price Target	€80.00	€87.00		N/A
8/6/2021	DBAN Deutsche Beteiligungs	Set Price Target	€37.00	€48.00		N/A
8/5/2021	RAA RATIONAL Aktiengesellschaft	Set Price Target	€904.00	€840.00		N/A
8/5/2021	ADS adidas	Set Price Target	€285.00	€290.00		N/A
8/5/2021	AAD Amadeus FiRe	Set Price Target	€174.00	€206.00		N/A
8/5/2021	ZAL Zalando	Set Price Target	€94.00	€97.00		N/A
8/5/2021	NDA Aurubis	Set Price Target	€70.00	€78.20		N/A
8/5/2021	BOSS Hugo Boss	Set Price Target	€49.00	€70.00		N/A
8/5/2021	UTDI United Internet	Set Price Target	€35.00	€52.00		N/A
8/5/2021	EVK Evonik Industries	Set Price Target	€28.00	€33.00		N/A
8/5/2021	SANT S&T	Set Price Target	€22.00	€29.00		N/A
8/5/2021	ZIL2 ElringKlinger	Set Price Target	€13.00	€13.50		N/A
8/4/2021	VOW3 Volkswagen	Set Price Target	€197.00	€280.00		N/A
8/4/2021	GLJ Grenke	Set Price Target	€37.00	€48.00		N/A
8/4/2021	HAB Hamborner REIT	Set Price Target	€9.00	€11.00		N/A
8/4/2021	O2D Telefónica Deutschland	Set Price Target	€2.00	€2.60		N/A
8/4/2021	HDD Heidelberger Druckmaschinen Aktiengesellschaft	Set Price Target	€2.00	€2.20		N/A
8/3/2021	MTX MTU Aero Engines	Set Price Target	€187.00	€177.00		N/A
8/3/2021	PFV Pfeiffer Vacuum Technology	Set Price Target	€181.00	€143.50		N/A
8/3/2021	BMW Bayerische Motoren Werke Aktiengesellschaft	Set Price Target	€83.00	€100.00		N/A
8/3/2021	KRN Krones	Set Price Target	€88.00	€123.00		N/A
8/3/2021	ARL Aareal Bank	Set Price Target	€23.00	€27.50		N/A
8/3/2021	CBK Commerzbank	Set Price Target	€5.00	€5.80		N/A
8/2/2021	STM Stabilus	Set Price Target	€63.00	€81.00		N/A
8/2/2021	DWNI Deutsche Wohnen	Set Price Target	€53.00	€53.80		N/A
7/30/2021	PUM Puma	Set Price Target	€100.00	€124.00		N/A
7/30/2021	VOS Vossloh	Set Price Target	€47.00	€50.00		N/A
7/30/2021	G1A GEA Group Aktiengesellschaft	Set Price Target	€40.00	€35.00		N/A
7/30/2021	FPE Fuchs Petrolub	Set Price Target	€32.00	€51.00		N/A
7/30/2021	LEO Leoni	Set Price Target	€16.00	€6.00		N/A
7/30/2021	KCO Klöckner & Co SE	Set Price Target	€11.00	€15.50		N/A
7/29/2021	DRW3 Drägerwerk AG & Co. KGaA	Set Price Target	€72.00	€85.50		N/A
7/29/2021	NEM Nemetschek	Set Price Target	€87.00	€84.00		N/A
7/29/2021	WSU WashTec	Set Price Target	€55.00	€62.20		N/A
7/29/2021	COK Cancom	Set Price Target	€53.00	€60.00		N/A
7/29/2021	AIXA Aixtron	Set Price Target	€25.00	€22.50		N/A
7/29/2021	TTK Takkt	Set Price Target	€14.00	€16.00		N/A