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
4/3/2023	CWC CEWE Stiftung & Co. KGaA	Set Price Target	€99.00	€118.00		N/A
3/31/2023	COK Cancom	Set Price Target	€29.00	€52.00		N/A
3/30/2023	UTDI United Internet	Set Price Target	€21.00	€53.00		N/A
3/30/2023	SFQ SAF-Holland	Set Price Target	€19.00	€13.00		N/A
3/29/2023	JST JOST Werke	Set Price Target	€46.00	€64.00		N/A
3/29/2023	PSM ProSiebenSat.1 Media	Set Price Target	€7.00	€10.00		N/A
3/29/2023	TTK Takkt	Set Price Target	€13.00	€17.00		N/A
3/28/2023	KGX Kion Group	Set Price Target	€47.00	€50.00		N/A
3/28/2023	GLJ Grenke	Set Price Target	€22.00	€40.00		N/A
3/28/2023	EVT Evotec	Set Price Target	€14.00	€29.00		N/A
3/28/2023	WAC Wacker Neuson	Set Price Target	€17.00	€25.00		N/A
3/28/2023	AT1 Aroundtown	Set Price Target	€2.00	€2.60		N/A
3/24/2023	KBX Knorr-Bremse	Set Price Target	€71.00	€62.00		N/A
3/23/2023	VNA Vonovia	Set Price Target	€25.00	€40.00		N/A
3/23/2023	HBH HORNBACH Holding AG & Co. KGaA	Set Price Target	€74.00	€112.00		N/A
3/23/2023	HHFA Hamburger Hafen und Logistik Aktiengesellschaft	Set Price Target	€17.00	€9.00		N/A
3/23/2023	NEM Nemetschek	Set Price Target	€81.00	€58.00		N/A
3/22/2023	VAR1 Varta	Set Price Target	€8.00	€18.50		N/A
3/22/2023	RHM Rheinmetall	Set Price Target	€510.00	€292.00		N/A
3/22/2023	AAD Amadeus FiRe	Set Price Target	€116.00	€180.00		N/A
3/22/2023	SBS Stratec	Set Price Target	€40.00	€80.00		N/A
3/21/2023	SDF K+S Aktiengesellschaft	Set Price Target	€14.00	€28.00		N/A
3/20/2023	BC8 Bechtle	Set Price Target	€46.00	€59.00		N/A
3/17/2023	VNA Vonovia	Set Price Target	€25.00	€45.40		N/A
3/16/2023	TEG TAG Immobilien	Set Price Target	€13.00	€11.90		N/A
3/16/2023	DRW3 Drägerwerk AG & Co. KGaA	Set Price Target	€51.00	€44.10		N/A
3/15/2023	DPW Ault Global	Set Price Target	€0.00	€46.00		N/A
3/15/2023	SDF K+S Aktiengesellschaft	Set Price Target	€14.00	€29.00		N/A
3/15/2023	BNR Burning Rock Biotech	Set Price Target	€1.00	€93.00		N/A
3/15/2023	VOW3 Volkswagen	Set Price Target	€121.00	€200.00		N/A
3/14/2023	FPE Fuchs	Set Price Target	€36.00	€41.00		N/A
3/14/2023	WCH Wacker Chemie	Set Price Target	€109.00	€160.00		N/A
3/14/2023	SAP SAP	Set Price Target	€166.00	€115.00		N/A
3/14/2023	HYQ Hypoport	Set Price Target	€230.00	€235.00		N/A
3/13/2023	G1A GEA Group Aktiengesellschaft	Set Price Target	€37.00	€45.00		N/A
3/13/2023	SFQ SAF-Holland	Set Price Target	€19.00	€13.00		N/A
3/13/2023	SY1 Symrise	Set Price Target	€105.00	€100.00		N/A
3/10/2023	FRE Fresenius SE & Co. KGaA	Set Price Target	€27.00	€34.00		N/A
3/10/2023	SBS Stratec	Set Price Target	€40.00	€99.00		N/A
3/10/2023	TEG TAG Immobilien	Set Price Target	€13.00	€11.90		N/A
3/9/2023	VNA Vonovia	Set Price Target	€25.00	€45.40		N/A
3/9/2023	LEG LEG Immobilien	Set Price Target	€75.00	€86.00		N/A
3/9/2023	BOSS Hugo Boss	Set Price Target	€51.00	€70.00		N/A
3/9/2023	KCO Klöckner & Co SE	Set Price Target	€7.00	€9.50		N/A
3/9/2023	DPW Ault Global	Set Price Target	€0.00	€46.50		N/A
3/8/2023	KGX Kion Group	Set Price Target	€47.00	€50.00		N/A
3/8/2023	EVK Evonik Industries	Set Price Target	€19.00	€28.60		N/A
3/8/2023	SHA Schaeffler	Set Price Target	€6.00	€7.70		N/A
3/8/2023	BNR Burning Rock Biotech	Set Price Target	€1.00	€80.00		N/A
3/8/2023	FPE Fuchs	Set Price Target	€36.00	€36.50		N/A
3/7/2023	ZAL Zalando	Set Price Target	€26.00	€52.00		N/A
3/7/2023	G1A GEA Group Aktiengesellschaft	Set Price Target	€37.00	€42.00		N/A
3/7/2023	HEN3 Henkel AG & Co. KGaA	Set Price Target	€74.00	€70.00		N/A
3/6/2023	FME Fresenius Medical Care	Set Price Target	€39.00	€22.00		N/A
3/3/2023	LEG LEG Immobilien	Set Price Target	€75.00	€86.00		N/A
3/3/2023	GLJ Grenke	Set Price Target	€22.00	€36.00		N/A
3/3/2023	GFT GFT Technologies	Set Price Target	€28.00	€49.00		N/A
3/3/2023	SAX Ströer SE & Co. KGaA	Set Price Target	€61.00	€72.00		N/A
3/2/2023	KGX Kion Group	Set Price Target	€47.00	€44.00		N/A
3/2/2023	SHA Schaeffler	Set Price Target	€6.00	€7.70		N/A
3/2/2023	G24 Scout24	Set Price Target	€69.00	€52.50		N/A
3/2/2023	PUM Puma	Set Price Target	€43.00	€94.00		N/A
3/2/2023	ARL Aareal Bank	Set Price Target	€33.00	€35.00		N/A
3/2/2023	UTDI United Internet	Set Price Target	€21.00	€53.00		N/A
3/2/2023	EVK Evonik Industries	Set Price Target	€19.00	€25.60		N/A
3/1/2023	KRN Krones	Set Price Target	€123.00	€148.00		N/A
3/1/2023	SIX2 Sixt	Set Price Target	€90.00	€155.00		N/A
3/1/2023	FNTN freenet	Set Price Target	€27.00	€26.00		N/A
3/1/2023	AIXA Aixtron	Set Price Target	€23.00	€32.00		N/A
2/28/2023	G1A GEA Group Aktiengesellschaft	Set Price Target	€37.00	€42.00		N/A
2/27/2023	DUE Dürr Aktiengesellschaft	Set Price Target	€23.00	€40.00		N/A
2/24/2023	BAS Basf	Set Price Target	€51.00	€57.00		N/A
2/23/2023	ADV Adtran Networks	Set Price Target	€20.00	€19.00		N/A
2/23/2023	ARL Aareal Bank	Set Price Target	€33.00	€35.00		N/A
2/23/2023	INH INDUS	Set Price Target	€26.00	€26.00		N/A
2/23/2023	FNTN freenet	Set Price Target	€27.00	€25.00		N/A
2/23/2023	KRN Krones	Set Price Target	€123.00	€147.00		N/A
2/22/2023	FME Fresenius Medical Care	Set Price Target	€39.00	€22.00		N/A
2/22/2023	FRE Fresenius SE & Co. KGaA	Set Price Target	€27.00	€24.00		N/A
2/22/2023	O2D Telefónica Deutschland	Set Price Target	€2.00	€2.60		N/A
2/20/2023	SAX Ströer SE & Co. KGaA	Set Price Target	€61.00	€72.00		N/A
2/17/2023	HHFA Hamburger Hafen und Logistik Aktiengesellschaft	Set Price Target	€17.00	€13.00		N/A
2/17/2023	TIM ZEAL Network	Set Price Target	€20.00	€42.00		N/A
2/17/2023	KRN Krones	Set Price Target	€123.00	€147.00		N/A
2/16/2023	CBK Commerzbank	Set Price Target	€14.00	€11.60		N/A
2/16/2023	SZU Südzucker	Set Price Target	€13.00	€18.60		N/A
2/16/2023	AAD Amadeus FiRe	Set Price Target	€116.00	€170.00		N/A
2/15/2023	DIC DIC Asset	Set Price Target	€1.00	€11.70		N/A
2/15/2023	NEM Nemetschek	Set Price Target	€81.00	€58.00		N/A
2/15/2023	KWS KWS SAAT SE & Co. KGaA	Set Price Target	€47.00	€77.00		N/A
2/15/2023	MTX MTU Aero Engines	Set Price Target	€217.00	€215.00		N/A
2/14/2023	HDD Heidelberger Druckmaschinen Aktiengesellschaft	Set Price Target	€1.00	€2.20		N/A
2/13/2023	CWC CEWE Stiftung & Co. KGaA	Set Price Target	€99.00	€112.00		N/A
2/10/2023	COP CompuGroup Medical SE & Co. KGaA	Set Price Target	€29.00	€70.00		N/A
2/9/2023	HAB Hamborner REIT	Set Price Target	€7.00	€10.00		N/A
2/9/2023	COK Cancom	Set Price Target	€29.00	€52.00		N/A
2/9/2023	KWS KWS SAAT SE & Co. KGaA	Set Price Target	€47.00	€73.00		N/A
2/8/2023	HDD Heidelberger Druckmaschinen Aktiengesellschaft	Set Price Target	€1.00	€2.20		N/A
2/8/2023	PUM Puma	Set Price Target	€43.00	€94.00		N/A
2/7/2023	SDF K+S Aktiengesellschaft	Set Price Target	€14.00	€29.00		N/A