Kepler Capital Markets Stock Recommendations and Price Targets

This is a list of recent ratings by Kepler Capital Markets.

Date	Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
3/28/2025	RACE Ferrari	Upgrade	$430.00		Hold ➝ Buy	Medium
3/24/2025	ISNPY Intesa Sanpaolo	Upgrade	$31.00		Hold	Low
3/18/2025	QNTQY QinetiQ Group	Downgrade	$21.00		Strong-Buy ➝ Hold	Low
3/13/2025	NVO Novo Nordisk A/S	Upgrade	$69.00		Hold ➝ Buy	Low
3/11/2025	MHGVY Mowi ASA	Upgrade	$19.00		Strong-Buy	Low
2/28/2025	SAPMF Saipem	Upgrade	$2.00		Hold ➝ Strong-Buy	Low
2/27/2025	BBVA Banco Bilbao Vizcaya Argentaria	Upgrade	$14.00		Reduce ➝ Hold	Medium
2/26/2025	BURBY Burberry Group	Upgrade	$10.00		Hold ➝ Strong-Buy	Low
2/26/2025	PPRUY Kering	Upgrade	$21.00		Hold ➝ Strong-Buy	Low
2/26/2025	LVMUY LVMH Moët Hennessy - Louis Vuitton, Société Européenne	Upgrade	$126.00		Hold ➝ Strong-Buy	Low
2/26/2025	HESAY Hermès International Société en commandite par actions	Downgrade	$264.00		Strong-Buy ➝ Hold	Low
2/25/2025	CCEP Coca-Cola Europacific Partners	Downgrade	$86.00		Hold ➝ Reduce	Low
1/30/2025	LOGI Logitech International	Upgrade	$87.00		Hold ➝ Buy	Low
1/24/2025	WPP WPP	Upgrade	$38.00		Hold ➝ Buy	Low
1/17/2025	TS Tenaris	Downgrade	$39.00		Buy ➝ Hold	Medium
1/15/2025	SAP SAP	Upgrade	$268.00		Hold ➝ Buy	Medium
1/10/2025	UBS UBS Group	Upgrade	$32.00		Hold ➝ Buy	Medium
12/12/2024	DHT DHT	Downgrade	$11.00	$9.70	Buy ➝ Hold	N/A
12/12/2024	FRO Frontline	Downgrade	$15.00	$15.83	Buy ➝ Hold	N/A
12/5/2024	CCHGY Coca-Cola HBC	Initiated Coverage	$46.00		Hold	N/A
11/20/2024	GLPG Galapagos	Downgrade	$25.00		Hold ➝ Reduce	N/A
9/5/2024	LYG Lloyds Banking Group	Initiated Coverage	$4.00		Hold	Low
9/5/2024	NWG NatWest Group	Initiated Coverage	$12.00		Buy	Low
9/5/2024	BCS Barclays	Initiated Coverage	$15.00		Buy	Low
7/25/2024	UMGNF Universal Music Group	Downgrade	$28.00		Buy ➝ Hold	Low
1/8/2024	ASML ASML	Upgrade	$675.00		Hold ➝ Buy	Low
10/10/2023	COTY Coty	Initiated Coverage	$5.00	$11.66	Hold	Low
10/5/2023	BTVCY Britvic	Downgrade	$30.00		Buy ➝ Hold	Low
10/5/2023	CABGY Carlsberg A/S	Upgrade	$26.00		Reduce ➝ Hold	Low
10/5/2023	HEINY Heineken	Upgrade	$41.00		Hold ➝ Buy	Low
10/5/2023	PDRDY Pernod Ricard	Upgrade	$47.00		Reduce ➝ Hold	Low
8/18/2023	BAESY BAE Systems	Upgrade	$83.00		Hold ➝ Buy	Low
8/1/2023	FTI TechnipFMC	Downgrade	$31.00	$19.00 ➝ $19.50	Buy ➝ Hold	Low
6/23/2023	IHG InterContinental Hotels Group	Downgrade	$109.00		Buy ➝ Hold	Low
5/26/2023	MTLS Materialise	Upgrade	$5.00	$11.00	Hold ➝ Buy	Low
5/11/2023	ALV Autoliv	Upgrade	$89.00	$105.00	Hold ➝ Buy	Low
5/9/2023	CABGY Carlsberg A/S	Downgrade	$26.00		Hold ➝ Reduce	Low
5/8/2023	AMKBY A.P. Møller - Mærsk A/S	Upgrade	$9.00		Hold ➝ Buy	Low
4/25/2023	OEZVY Verbund	Upgrade	$15.00		Reduce ➝ Hold	Low
4/3/2023	DSRLF DiaSorin	Downgrade	$110.00		Hold ➝ Reduce	Low
3/8/2023	G1A GEA Group Aktiengesellschaft	Set Price Target	€57.00	€50.00		N/A
2/17/2023	AMKBY A.P. Møller - Mærsk A/S	Downgrade	$9.00		Buy ➝ Hold	Low
2/13/2023	CS Credit Suisse Group	Downgrade	$1.00		Hold ➝ Reduce	Low
2/10/2023	LGRDY Legrand	Upgrade	$21.00		Hold ➝ Buy	Low
1/31/2023	HPGLY Hapag-Lloyd Aktiengesellschaft	Downgrade	$80.00		Hold ➝ Reduce	Low
12/22/2022	EBKOF Erste Group Bank	Upgrade	$72.00	$39.00	Buy	N/A
12/13/2022	LSMNF lastminute.com	Initiated Coverage	$24.00	$30.00	Buy	Low
12/7/2022	SMEGF Siemens Energy	Downgrade	$58.00		Buy ➝ Hold	Low
12/7/2022	EADSY Airbus	Downgrade	$45.00		Buy ➝ Hold	Low
11/30/2022	UNJCF Unicaja Banco	Downgrade	$2.00	$0.87	Hold ➝ Reduce	Low
11/29/2022	SZGPY Salzgitter	Downgrade	$2.00		Buy ➝ Hold	Low
11/28/2022	DDCCF Branicks Group	Downgrade	€2.00	€9.50	Buy ➝ Hold	N/A
11/28/2022	CFMOF Cofinimmo	Upgrade	$62.00		Hold ➝ Buy	N/A
11/28/2022	FOJCY Fortum Oyj	Upgrade	$3.00		Reduce ➝ Hold	Low
11/18/2022	TSDOF Tessenderlo Group	Upgrade	$25.00		Hold ➝ Buy	Low
11/18/2022	INDHF INDUS	Initiated Coverage	$21.00		Hold	Low
11/18/2022	KNKZF KWS SAAT SE & Co. KGaA	Upgrade	$60.00	$68.00	Hold ➝ Buy	Low
11/16/2022	ADSGF adesso	Upgrade	€130.00	€164.00	Hold ➝ Buy	N/A
11/14/2022	COYJF Citycon Oyj	Downgrade	$6.00	$7.30 ➝ $6.90	Buy ➝ Hold	Low
11/11/2022	GRGSF Grieg Seafood ASA	Downgrade	$4.00	$60.00	Sell	Low
11/8/2022	VWDRY Vestas Wind Systems A/S	Upgrade	$5.00		Reduce ➝ Buy	Low
11/7/2022	ISSDY ISS A/S	Downgrade	$9.00		Buy ➝ Hold	Low
11/7/2022	DPBSF Dampskibsselskabet Norden A/S	Downgrade	$25.00		Buy ➝ Hold	N/A
10/28/2022	HLN Haleon	Initiated Coverage	$390.00	$275.00	Hold	Low
10/26/2022	LDSVF Chocoladefabriken Lindt & Sprüngli	Downgrade	$13,238.00		Hold ➝ Reduce	Low
10/24/2022	KLKNF Klöckner & Co SE	Downgrade	$8.00		Buy ➝ Hold	Low
10/24/2022	ABBNY ABB	Downgrade	$53.00		Buy ➝ Hold	Low
10/19/2022	AFLYY Air France-KLM	Upgrade	€1.00	€1.90	Hold ➝ Buy	Low
10/14/2022	TLTZY Tele2 AB (publ)	Upgrade	$7.00		Hold ➝ Buy	Low
10/14/2022	TMSNY Temenos	Downgrade	CHF 79	CHF 58	Buy ➝ Hold	Low
10/13/2022	CTPVF CTP	Initiated Coverage	$15.00		Hold	N/A
10/13/2022	AKZOY Akzo Nobel	Upgrade	€20.00	€58.00	Reduce ➝ Hold	Low
10/12/2022	STLFF Stillfront Group AB (publ)	Upgrade	$1.00		Reduce ➝ Hold	Low
10/7/2022	NRYYF Norway Royal Salmon AS	Downgrade	$25.00		Hold ➝ Reduce	Low
10/7/2022	SALRF SalMar ASA	Downgrade	54.00	360.00	Buy ➝ Hold	Low
9/29/2022	SEIGY Semperit Aktiengesellschaft	Downgrade	$4.00		Buy ➝ Hold	Low
9/29/2022	LNZNF Lenzing Aktiengesellschaft	Downgrade	$32.00		Hold ➝ Reduce	Low
9/7/2022	NVS Novartis	Upgrade	CHF 113	CHF 90	Hold ➝ Buy	Low
8/26/2022	WILLF Demant A/S	Downgrade	$38.00	$215.00	Sell	N/A
8/24/2022	SNY Sanofi	Downgrade	€56.00	€120.00 ➝ €89.00	Buy ➝ Hold	Low
8/23/2022	SFNXF Sofina Société Anonyme	Upgrade	$245.00	$210.00	Reduce ➝ Hold	N/A
8/11/2022	OUTKY Outokumpu Oyj	Downgrade	€2.00	€5.00	Buy ➝ Hold	Low
8/11/2022	BASFY Basf	Downgrade	$13.00		Buy ➝ Hold	Low
8/10/2022	DUFRY Avolta	Upgrade	$4.00		Reduce ➝ Hold	Low
8/10/2022	SGLFF SGL Carbon	Upgrade	€4.00	€8.20	Hold ➝ Buy	Low
8/10/2022	SEGXF SEGRO	Upgrade	$9.00		Reduce ➝ Hold	Low
8/10/2022	WDPSF Warehouses De Pauw	Upgrade	€24.00	€37.00	Hold ➝ Buy	Low
8/4/2022	ARZGY Assicurazioni Generali	Upgrade	$18.00		Hold ➝ Buy	Low
8/4/2022	DBVT DBV Technologies	Upgrade	€6.00	€60.00	Hold ➝ Buy	Low
8/3/2022	IPHA Innate Pharma	Downgrade	€2.00	€3.10	Buy ➝ Hold	Low
8/1/2022	AMSSY ams-OSRAM	Downgrade	$5.00		Buy ➝ Hold	Low
8/1/2022	DTEGY Deutsche Telekom	Initiated Coverage	$37.00		Buy	Low
7/28/2022	VALN Valneva	Downgrade	$7.00		Buy ➝ Hold	Low
7/27/2022	KLPEF Klépierre	Upgrade	€33.00	€25.50	Hold ➝ Buy	Low
7/22/2022	NOK Nokia Oyj	Downgrade	$5.00		Buy ➝ Hold	Low
7/15/2022	ERIC Telefonaktiebolaget LM Ericsson (publ)	Downgrade	$8.00		Hold	Low
7/11/2022	AEXAY Atos	Downgrade	$0.00		Buy ➝ Hold	N/A
7/8/2022	RACE Ferrari	Upgrade	$430.00	$185.00	Hold	N/A
6/30/2022	AVACF Avance Gas	Upgrade	$1.00	$71.00	Buy	N/A
6/29/2022	CCEP Coca-Cola Europacific Partners	Downgrade	$86.00		Buy ➝ Hold	Low