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
6/17/2021	HBH HORNBACH Holding AG & Co. KGaA	Set Price Target	€85.00	€119.00	Buy	N/A
6/17/2021	HLAG Hapag-Lloyd Aktiengesellschaft	Set Price Target	€188.00	€150.00	Sell	N/A
6/16/2021	TIM ZEAL Network	Set Price Target	€20.00	€56.00	Buy	N/A
6/16/2021	FNTN freenet	Set Price Target	€23.00	€25.00	Buy	N/A
6/16/2021	JEN Jenoptik	Set Price Target	€24.00	€32.00	Buy	N/A
6/16/2021	SKB Koenig & Bauer	Set Price Target	€28.00	€38.00	Buy	N/A
6/16/2021	FPE Fuchs Petrolub	Set Price Target	€34.00	€51.00	Buy	N/A
6/16/2021	EVT Evotec	Set Price Target	€37.00	€40.00	Buy	N/A
6/16/2021	VOS Vossloh	Set Price Target	€44.00	€48.50	Buy	N/A
6/16/2021	NEM Nemetschek	Set Price Target	€62.00	€64.00	Buy	N/A
6/16/2021	DRW3 Drägerwerk AG & Co. KGaA	Set Price Target	€75.00	€84.20	Neutral	N/A
6/16/2021	RHM Rheinmetall	Set Price Target	€86.00	€120.00	Buy	N/A
6/16/2021	KBX Knorr-Bremse Aktiengesellschaft	Set Price Target	€105.00	€125.00	Buy	N/A
6/16/2021	SAP SAP	Set Price Target	€119.00	€135.00	Buy	N/A
6/16/2021	SAE Shop Apotheke Europe	Set Price Target	€163.00	€179.00	Neutral	N/A
6/16/2021	HYQ Hypoport	Set Price Target	€438.00	€535.00	Buy	N/A
6/16/2021	RAA RATIONAL Aktiengesellschaft	Set Price Target	€714.00	€800.00	Neutral	N/A
6/15/2021	ARL Aareal Bank	Set Price Target	€21.00	€27.50	Buy	N/A
6/15/2021	JST JOST Werke	Set Price Target	€54.00	€69.00	Buy	N/A
6/15/2021	LXS LANXESS Aktiengesellschaft	Set Price Target	€61.00	€80.00	Buy	N/A
6/15/2021	STM Stabilus	Set Price Target	€71.00	€81.00	Buy	N/A
6/15/2021	KRN Krones	Set Price Target	€78.00	€119.00	Buy	N/A
6/15/2021	NDA Aurubis	Set Price Target	€79.00	€78.20	Neutral	N/A
6/15/2021	SIX2 Sixt	Set Price Target	€120.00	€145.00	Buy	N/A
6/15/2021	CWC CEWE Stiftung & Co. KGaA	Set Price Target	€129.00	€141.00	Buy	N/A
6/15/2021	AAD Amadeus FiRe	Set Price Target	€154.00	€190.00	Buy	N/A
6/14/2021	DWNI Deutsche Wohnen	Set Price Target	€52.00	€53.80	Neutral	N/A
6/11/2021	AT1 Aroundtown	Set Price Target	€7.00	€7.90	Buy	N/A
6/10/2021	AIXA Aixtron	Set Price Target	€22.00	€22.50	Buy	N/A
6/7/2021	SDF K+S Aktiengesellschaft	Set Price Target	€12.00	€9.00	Neutral	N/A
6/7/2021	HHFA Hamburger Hafen und Logistik Aktiengesellschaft	Set Price Target	€22.00	€19.50	Neutral	N/A
6/7/2021	EVK Evonik Industries	Set Price Target	€29.00	€32.00	Neutral	N/A
6/3/2021	SAP SAP	Set Price Target	€119.00	€135.00	Buy	N/A
6/2/2021	HBH HORNBACH Holding AG & Co. KGaA	Set Price Target	€85.00	€119.00	Buy	N/A
6/1/2021	EVK Evonik Industries	Set Price Target	€29.00	€32.00	Neutral	N/A
5/31/2021	GLJ Grenke	Set Price Target	€36.00	€47.00	Buy	N/A
5/28/2021	SKB Koenig & Bauer	Set Price Target	€28.00	€38.00	Buy	N/A
5/27/2021	ADV ADVA Optical Networking	Set Price Target	€11.00	€15.00	Buy	N/A
5/27/2021	HBH HORNBACH Holding AG & Co. KGaA	Set Price Target	€85.00	€116.00	Buy	N/A
5/26/2021	G1A GEA Group Aktiengesellschaft	Set Price Target	€34.00	€35.00	Neutral	N/A
5/25/2021	DRI 1&1 Drillisch	Set Price Target	€26.00	€45.00	Buy	N/A
5/25/2021	DWNI Deutsche Wohnen	Set Price Target	€52.00	€53.80	Buy	N/A
5/25/2021	DAI Daimler	Set Price Target	€79.00	€103.00	Buy	N/A
5/21/2021	SZU Südzucker	Set Price Target	€14.00	€17.90	Buy	N/A
5/21/2021	PSM ProSiebenSat.1 Media	Set Price Target	€17.00	€23.00	Buy	N/A
5/21/2021	BMW Bayerische Motoren Werke Aktiengesellschaft	Set Price Target	€93.00	€100.00	Buy	N/A
5/20/2021	O2D Telefónica Deutschland	Set Price Target	€2.00	€2.60	Neutral	N/A
5/18/2021	HHFA Hamburger Hafen und Logistik Aktiengesellschaft	Set Price Target	€22.00	€19.50	Neutral	N/A
5/18/2021	DRI 1&1 Drillisch	Set Price Target	€26.00	€45.00	Buy	N/A
5/18/2021	DUE Dürr Aktiengesellschaft	Set Price Target	€33.00	€35.00	Neutral	N/A
5/18/2021	UTDI United Internet	Set Price Target	€35.00	€52.00	Buy	N/A
5/18/2021	HNL Dr. Hönle	Set Price Target	€49.00	€63.00	Buy	N/A
5/18/2021	LXS LANXESS Aktiengesellschaft	Set Price Target	€61.00	€80.00	Buy	N/A
5/18/2021	KWS KWS SAAT SE & Co. KGaA	Set Price Target	€71.00	€79.00	Neutral	N/A
5/17/2021	SDF K+S Aktiengesellschaft	Set Price Target	€12.00	€9.00	Neutral	N/A
5/17/2021	BAS Basf	Set Price Target	€66.00	€82.00	Buy	N/A
5/14/2021	KCO Klöckner & Co SE	Set Price Target	€12.00	€14.00	Buy	N/A
5/14/2021	KBX Knorr-Bremse Aktiengesellschaft	Set Price Target	€105.00	€125.00	Buy	N/A
5/14/2021	VAR1 Varta	Set Price Target	€140.00	€83.00	Sell	N/A
5/12/2021	CEC1 Ceconomy	Set Price Target	€5.00	€5.00	Neutral	N/A
5/12/2021	SFQ SAF-Holland	Set Price Target	€13.00	€17.00	Buy	N/A
5/12/2021	PSM ProSiebenSat.1 Media	Set Price Target	€17.00	€22.00	Buy	N/A
5/12/2021	INH INDUS	Set Price Target	€35.00	€40.50	Buy	N/A
5/12/2021	DWNI Deutsche Wohnen	Set Price Target	€52.00	€53.80	Buy	N/A
5/12/2021	LXS LANXESS Aktiengesellschaft	Set Price Target	€61.00	€80.00	Buy	N/A
5/12/2021	G24 Scout24	Set Price Target	€68.00	€65.00	Neutral	N/A
5/12/2021	CWC CEWE Stiftung & Co. KGaA	Set Price Target	€129.00	€141.00	Buy	N/A
5/12/2021	ZO1 zooplus	Set Price Target	€262.00	€230.00	Neutral	N/A
5/11/2021	SDF K+S Aktiengesellschaft	Set Price Target	€12.00	€8.80	Neutral	N/A
5/11/2021	JEN Jenoptik	Set Price Target	€24.00	€32.00	Buy	N/A
5/11/2021	WAC Wacker Neuson	Set Price Target	€24.00	€29.00	Buy	N/A
5/11/2021	UTDI United Internet	Set Price Target	€35.00	€51.00	Buy	N/A
5/11/2021	G1A GEA Group Aktiengesellschaft	Set Price Target	€34.00	€32.00	Neutral	N/A
5/11/2021	DPW Deutsche Post	Set Price Target	€57.00	€53.00	Neutral	N/A
5/11/2021	SAX Ströer SE & Co. KGaA	Set Price Target	€70.00	€72.00	Neutral	N/A
5/11/2021	BC8 Bechtle	Set Price Target	€154.00	€185.00	Buy	N/A
5/10/2021	ARL Aareal Bank	Set Price Target	€21.00	€27.50	Buy	N/A
5/10/2021	TEG TAG Immobilien	Set Price Target	€28.00	€28.50	Buy	N/A
5/10/2021	COP CompuGroup Medical SE & Co. KGaA	Set Price Target	€68.00	€87.00	Buy	N/A
5/10/2021	NDA Aurubis	Set Price Target	€79.00	€71.30	Neutral	N/A
5/10/2021	HYQ Hypoport	Set Price Target	€438.00	€535.00	Buy	N/A
5/7/2021	EVT Evotec	Set Price Target	€37.00	€40.00	Buy	N/A
5/7/2021	BDT Bertrandt Aktiengesellschaft	Set Price Target	€57.00	€58.00	Buy	N/A
5/7/2021	KRN Krones	Set Price Target	€78.00	€115.00	Buy	N/A
5/7/2021	RHM Rheinmetall	Set Price Target	€86.00	€120.00	Buy	N/A
5/7/2021	SBS Stratec	Set Price Target	€112.00	€112.00	Neutral	N/A
5/7/2021	ADS adidas	Set Price Target	€293.00	€290.00	Neutral	N/A
5/6/2021	DIC DIC Asset	Set Price Target	€15.00	€22.00	Buy	N/A
5/6/2021	FNTN freenet	Set Price Target	€23.00	€24.00	Buy	N/A
5/6/2021	SANT S&T	Set Price Target	€20.00	€29.00	Buy	N/A
5/6/2021	EVK Evonik Industries	Set Price Target	€29.00	€32.00	Neutral	N/A
5/6/2021	ZAL Zalando	Set Price Target	€96.00	€97.00	Neutral	N/A
5/6/2021	AAD Amadeus FiRe	Set Price Target	€154.00	€190.00	Buy	N/A
5/6/2021	SAE Shop Apotheke Europe	Set Price Target	€163.00	€179.00	Neutral	N/A
5/6/2021	VOW3 Volkswagen	Set Price Target	€224.00	€280.00	Buy	N/A
5/5/2021	B4B3 Metro	Set Price Target	€12.00	€9.00	Neutral	N/A
5/5/2021	BOSS Hugo Boss	Set Price Target	€47.00	€57.00	Buy	N/A
5/5/2021	NOEJ NORMA Group	Set Price Target	€45.00	€56.00	Buy	N/A
5/5/2021	RAA RATIONAL Aktiengesellschaft	Set Price Target	€714.00	€710.00	Neutral	N/A
5/4/2021	SKB Koenig & Bauer	Set Price Target	€28.00	€33.00	Buy	N/A