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Archive: Analysts' ratings

The following analyses and research reports have been issued:

For legal reasons, we can only make certain reports available.

Date Bank Analyst Recommendation Target price (new/previous) Study
November 30, 2018Baader Helvea Equity
Research
Tim DawsonBuy€49.40
November 16, 2018SRC Research GmbHStefan Scharff/
Christopher Mehl
Buy€45.00
November 15, 2018Bankhaus LampeChristoph SchlienkampHold€37.50
November 15, 2018J.P. Morgan CazenoveChristopher BrownUnderweightn.a.
November 14, 2018Baader Helvea Equity
Research
Tim DawsonBuy€49.40
November 9, 2018Bankhaus LampeChristoph SchlienkampHold€37.50
October 24, 2018SRC Research GmbHStefan Scharff/
Christopher Mehl
Buy€45.00
October 11, 2018Baader Helvea Equity
Research
Tim DawsonBuy€49.40
September 10, 2018Warburg Research GmbHEggert KulsBuy€44.00/€45.00Download
August 21, 2018Baader Helvea Equity
Research
Tim DawsonBuy€49.40
August 9, 2018Baader Helvea Equity
Research
Tim DawsonBuy€49.40
August 8, 2018Kepler CheuvreuxBérénice LacroixHold€40.00/€37.00
August 8, 2018J.P. Morgan CazenoveChristopher BrownUnderweightn.a.
August 8, 2018Bankhaus LampeChristoph SchlienkampHold€37.50
August 7, 2018SRC Research GmbHStefan Scharff/
Christopher Mehl
Buy€44.00
August 7, 2018Baader Helvea Equity
Research
Tim DawsonBuy€49.40
June 26, 2018SRC Research GmbHStefan Scharff/
Christopher Mehl
Buy€44.00
June 6, 2018Bankhaus LampeChristoph SchlienkampHold€37.50
June 5, 2018Baader Helvea Equity
Research
Tim DawsonBuy€49.40
May 25, 2018Edison ResearchGavin WoodFor regulatory reasons neither recommendation, nor upside targetn.a.Download
May 11, 2018Warburg Research GmbH Eggert KulsBuy€45.00/€48.00Download
May 9, 2018Kepler CheuvreuxBérénice LacroixHold€37.00
May 8, 2018J.P. Morgan CazenoveChristopher BrownUnderweightn.a.
May 8, 2018SRC Research GmbHStefan Scharff/
Christopher Mehl
Buy€44.00
May 8, 2018Bankhaus LampeChristoph SchlienkampHold€37.50
May 8,2018Baader Helvea Equity
Research
Tim DawsonBuy€49.40
April 18, 2018Kepler CheuvreuxBérénice LacroixHold€37.00/€48.00
April 18, 2018Bankhaus LampeChristoph SchlienkampHold€37.50/€45.00
April 18, 2018Baader Helvea Equity
Research
Tim DawsonBuy€49.40/€50.30
April 17, 2018Oddo BHF BankMartin DecotBuy€45.00/€50.00
April 17, 2018Edison ResearchGavin WoodFor regulatory reasons neither recommendation, nor upside targetn.a.
April 17, 2018SRC Research GmbHStefan Scharff/
Christopher Mehl
Buy€44.00/€48.00
April 17, 2018J.P. Morgan CazenoveChristopher BrownUnderweightn.a.
April 10, 2018Baader Helvea Equity
Research
Tim DawsonBuy€50.30
April 10, 2018J.P. Morgan CazenoveChristopher BrownUnderweightn.a.
April 5, 2018Baader Helvea Equity
Research
Tim DawsonBuy€50.30
March 5, 2018Baader Helvea Equity
Research
Tim DawsonBuy€50.30
February 13, 2018Warburg Research GmbH Marie-Thérèse Grübner / Eggert KulsBuy€48.00Download
February 9, 2018Bankhaus LampeChristoph SchlienkampHold€45.00
February 9, 2018Kepler CheuvreuxBérénice LacroixHold€48.00
February 9, 2018SRC Research GmbHStefan Scharff/
Christopher Mehl
Hold€48.00
February 8, 2018Oddo BHF BankMartin DecotNeutral€50.00
January 16, 2018Baader Helvea Equity
Research
Tim DawsonHold€50.30/€47.90
January 15, 2018Kepler CheuvreuxBérénice LacroixHold€48.00
December 8, 2017SRC Research GmbHStefan Scharff/
Christopher Mehl
Hold€48.00
December 8, 2017Oddo BHF BankMartin DecotNeutral€50.00/€37.50
December 6, 2017Bankhaus LampeChristoph SchlienkampHold€45.00/€43.00
December 5, 2017Warburg Research GmbH Marie-Thérèse GrübnerBuy€48.00/€45.00Download
November 27, 2017Baader Helvea Equity
Research
Tim DawsonBuy€47.90
November 23, 2017J.P. Morgan CazenoveChristopher BrownUnderweightn.a.
November 23, 2017SRC Research GmbHStefan Scharff/
Christopher Mehl
Accumulate€48.00/€46.00
November 23, 2017Baader Helvea Equity
Research
Tim DawsonBuy€45.50
November 17, 2017Bankhaus LampeChristoph SchlienkampHold€43.00
November 6, 2017Baader Helvea Equity
Research
Tim DawsonBuy€45.50
October 19, 2017Edison ResearchGavin WoodFor regulatory reasons neither recommendation, nor upside targetn.a.Download
October 16, 2017J.P. Morgan CazenoveChristopher BrownUnderweightn.a.
September 14, 2017Warburg Research GmbH Marie-Thérèse GrübnerBuy€45.00Download
August 8, 2017Oddo BHF BankDr Oliver PuckerNeutral€37.50
August 8, 2017SRC Research GmbHStefan Scharff/
Christopher Mehl
Accumulate€46.00/€44.00
August 8, 2017Baader Helvea Equity
Research
Tim DawsonBuy€45.50/€42.60
August 8, 2017 Baader Helvea Equity
Research
Tim DawsonBuy €42.60
August 8, 2017 J.P. Morgan Cazenove Christopher BrownUnderweight n.a.
August 7, 2017 Edison Research Gavin WoodFor regulatory reasons neither recommendation, nor upside target n.a. Download
August 4, 2017 Bankhaus Lampe Christoph SchlienkampHold €43.00
July 27, 2017 Warburg Research GmbH Marie-Thérèse Grübner Buy €45.00 Download
June 26, 2017 SRC Research GmbH Stefan Scharff/
Christopher Mehl
Accumulate €44.00/€42.00
June 20, 2017 Baader Helvea Equity
Research
Tim Dawson Buy €42.60
May 26, 2017 Bankhaus Lampe Christoph Schlienkamp Hold €43.00/€38.00
May 22, 2017 Baader Helvea Equity
Research
Tim Dawson Buy €42.60/€40.00
May 18, 2017 Baader Helvea Equity
Research
Tim Dawson Buy €40.00  
May 18, 2017 J.P. Morgan Cazenove Christopher Brown Underweight n.a.
May 17, 2017 SRC Research GmbH Stefan Scharff/
Christopher Mehl
Accumulate €42.00
May 17, 2017 Warburg Research GmbH Marie-Thérèse Grübner Buy €45.00/€39.50 Download
May 16, 2017 Baader Helvea Equity
Research
Tim Dawson Buy €40.00  
May 15, 2017 SRC Research GmbH

Stefan Scharff/

Christopher Mehl

Accumulate €42.00/€40.00  
May 15, 2017 Baader Helvea Equity
Research
Tim Dawson Buy €40.00  
May 12, 2017 J.P. Morgan Cazenove Christopher Brown Underweight n.a.  
May 9, 2017 Baader Helvea Equity
Research
Tim Dawson Buy €40.00/€37.30  
May 9, 2017 Bankaus Lampe Christoph Schlienkamp Buy €38.00  
May 9, 2017 J.P. Morgan Cazenove Christopher Brown Underweight n.a.  
May 9, 2017 SRC Research GmbH

Stefan Scharff/

Christopher Mehl

Accumulate €40.00  
May 9, 2017 Oddo Seydler Bank AG Dr Oliver Pucker Neutral €37.30
May 4, 2017 Warburg Research GmbH Marie-Thérèse Grübner Buy €39.50
May 3, 2017 SRC Research GmbH Stefan Scharff Accumulate €38.00
May 2, 2017 J.P. Morgan Cazenove Christopher Brown Underweight n.a.  
Apr 26, 2017 Warburg Research GmbH Marie-Thérèse Grübner Buy €39.50/€33.50  
Apr 21, 2017 Edison Research Gavin Wood For regulatory reasons neither recommendation, nor upside target n. a. Download
Apr 6, 2017 SRC Research GmbH Stefan Scharff Accumulate €38.00  
Apr 5, 2017 Baader Helvea Equity
Research
Tim Dawson Buy €37.30
Feb 24, 2017 Baader Helvea Equity
Research
Tim Dawson Buy €37.30  
Feb 14, 2017 Bankhaus Lampe Christoph Schlienkamp Buy €38.00/€36.50  
Feb 13, 2017 Warburg Research GmbH Marie-Thérèse Grübner Hold €33.50 Download 
Feb 10, 2017 Oddo Seydler Bank AG Dr Oliver Pucker Buy €37.50/€32.00
Feb 9, 2017 Baader Helvea Equity
Research
Tim Dawson Buy €37.30  
Feb 9, 2017 J.P. Morgan Cazenove Christopher Brown Underweight n.a.  
Jan 31, 2017 Edison Research Gavin Wood For regulatory reasons neither recommendation, nor upside target n.a. Download
Jan 9, 2017 Oddo Seydler Bank AG Dr Oliver Pucker Buy €32.00  
Dec 22, 2016 Warburg Research GmbH Marie-Thérèse Grübner Hold €33.50/€35.00 Download 
Dec 15, 2016 Baader Helvea Equity
Research
Tim Dawson Buy €37.30  
Dec 15, 2016 J.P. Morgan Cazenove Christopher Brown Underweight n.a.  
Dec 9, 2016 Bankhaus Lampe Christoph Schlienkamp Buy €36.50/€35.00  
Dec 8, 2016 Baader Helvea Equity
Research
Tim Dawson Buy €37.30  
Oct 28, 2016 Baader Helvea Equity
Research
Tim Dawson Buy €37.30/€34.80  
Sep 30, 2016 Baader Helvea Equity
Research
Tim Dawson Buy €37.30/€34.80  
Sep 16, 2016 Warburg Research GmbH Harald Hof Buy €35.00/€32.50 Download 
Aug 18, 2016 HSBC Global Research Thomas Teetz Hold €30.50/€29.00  
Aug 12, 2016 Bankhaus Lampe Christoph Schlienkamp Buy €35.00  
Aug 12, 2016 Oddo Seydler Bank AG Dr Oliver Pucker Buy €32.00  
Aug 12, 2016 Warburg Research GmbH Harald Hof Buy €32.50  
Aug 11, 2016 Baader Helvea Equity
Research
Tim Dawson Buy €34.80  
Aug 3, 2016 Baader Helvea Equity
Research
Tim Dawson Buy €34.80  
Aug 1, 2016 Warburg Research GmbH Harald Hof Buy €32.50/€30.00  
May 13, 2016 Warburg Research GmbH Harald Hof Buy €30.00 Download
May 12, 2016 Bankhaus Lampe Christoph Schlienkamp Buy €35.00  
May 12, 2016 Oddo Seydler Bank AG Ivo Visic Buy €32.00  
Apr 18, 2016 Bankhaus Lampe Christoph Schlienkamp Buy €35.00  
Apr 18, 2016 Oddo Seydler Bank AG Ivo Visic Buy €32.00  
Apr 4, 2016 Bankhaus Lampe Christoph Schlienkamp Buy €35.00  
Mar 21, 2016 Solventis Wertpapierhandelsbank Research Klaus Schlote/Ulf van Lengerich Buy €32.60/€31.95  
Mar 10, 2016 Bankhaus Lampe Christoph Schlienkamp Buy €35.00  
Feb 15, 2016 HSBC Global Research Thomas Teetz Hold €29.00/€29.50  
Feb 12, 2016 Warburg Research GmbH * Harald Hof Buy €30.00 Download 
Feb 11, 2016 Baader-Helvea Equity Research Tim Dawson Buy €34.80  
Feb 11, 2016 Oddo Seydler Bank AG Ivo Visic Buy €32.00  
Feb 11, 2016 Warburg Research GmbH Harald Hof Hold €30.00 Download
Feb 04, 2016 Warburg Research GmbH Harald Hof Hold €30.00 Download 
Jan 20, 2016 Baader-Helvea Equity Research Tim Dawson Buy €34.80  
Jan 20, 2016 J.P. Morgan Cazenove Christopher Brown Underweight n.a.  
Jan 05, 2016 Oddo Seydler Bank AG Ivo Visic Buy €32.00  
Jan 05, 2016 Warburg Research GmbH Harald Hof Hold €30.00 Download 
Dec 28, 2015 Oddo Seydler Bank AG Ivo Visic Buy €32.00  
Dec 16, 2015 Warburg Research GmbH Harald Hof Hold €30.00  
Dec 11, 2015 Oddo Seydler Bank AG Ivo Visic Buy €32.00/€30.00  
Dec 01, 2015 Warburg Research GmbH Harald Hof Hold €30.00
Sep 15, 2015 HSBC Global Research Thomas Teetz Hold €29.50  
Sep 15, 2015 Warburg Research GmbH Harald Hof Hold €30.00/€32.00
Sep 14, 2015 J.P. Morgan Cazenove Christopher Brown Underweight n.a.  
Sep 14, 2015 Oddo Seydler Bank AG Ivo Visic Neutral €30.00  
Sep 10, 2015 Warburg Research GmbH Harald Hof Hold €32.00  
Aug 10, 2015 Warburg Research GmbH Harald Hof Hold €32.00/€31.00  
Jul 20, 2015 Oddo Seydler Bank AG Ivo Visic Hold €30.00  
Jul 15, 2015 Warburg Research GmbH Harald Hof Hold €31.00/€29.00  
Jun 16, 2015 Warburg Research GmbH Harald Hof Hold 29,00 €  
Jun 15, 2015 J.P. Morgan Cazenove Christopher Brown Underweight n.a.  
Jun 15, 2015 Oddo Seydler Bank AG Ivo Visic Hold €30.00/€33.50  
Apr 30, 2015 HSBC Global Research Richard Schramm/Thomas Teetz Hold €29.50/€31.50  
Mar 24, 2015 Landesbank Baden-Württemberg Hans-Peter Kuhlmann Hold €34.00/€27.00  
Mar 23, 2015 Oddo Seydler Bank AG Manuel Martin Hold €33.50/€27.50  
Mar 19, 2015 Warburg Research GmbH Harald Hof Hold €29.00/€28.00  
Mar 18, 2015 Solventis Wertpapierhandelsbank Research Klaus Schlote/Ulf Van Lengerich Hold €31.95/€32.05  
Feb 18, 2015 Solventis Wertpapierhandelsbank Research Klaus Schlote/Ulf Van Lengerich Buy €32.05/€26.24  
Feb 13, 2015 HSBC Global Research Thomas Teetz Neutral €31.50/€25.00
Feb 04, 2015 Warburg Research GmbH Harald Hof Hold €28.00/€22.20  
Feb 03, 2015 Oddo Seydler Bank AG Manuel Martin Hold €27.50/€22.00  
Jan 27, 2015 Landesbank Baden-Württemberg Hans-Peter Kuhlmann Hold €27.00/€24.00  
Jan 22, 2015 J.P. Morgan Cazenove Christopher Brown/Matthew Hose Underweight n.a.  
Jan 06, 2015 Warburg Research GmbH Harald Hof Hold €22.20/€25.73  
Dec 16, 2014 Warburg Research GmbH Harald Hof Hold    
Dec 02, 2014 Landesbank Baden-Württemberg Hans-Peter Kuhlmann Hold    
Nov 24, 2014 Close Brothers Seydler Research AG Manuel Martin Hold    
Nov 24, 2014 Warburg Research GmbH Roland Rapelius Hold    
Sep 15, 2014 J.P. Morgan Cazenove Christopher Brown/Matthew Hose Underweight    
Sep 12, 2014 Close Brothers Seydler Research AG Ivo Visic Hold    
Sep 12, 2014 Landesbank Baden-Württemberg Hans-Peter Kuhlmann Hold    
Sep 12, 2014 Warburg Research GmbH Roland Rapelius Hold    
Sep 04, 2014 Warburg Research GmbH Roland Rapelius Hold    
Jul 18, 2014 Landesbank Baden-Württemberg Hans-Peter Kuhlmann Hold    
Jul 17, 2014 HSBC Trinkaus & Burkhardt Thomas Teetz Neutral    
Jul 17, 2014 Warburg Research GmbH Roland Rapelius Hold    
Jul 16, 2014 Close Brothers Seydler Research AG Ivo Visic Hold    
Jun 13, 2014 Close Brothers Seydler Research AG Ivo Visic Hold    
Jun 13, 2014 J.P. Morgan Cazenove Christopher Brown Underweight    
Jun 13, 2014 Landesbank Baden-Württemberg Hans-Peter Kuhlmann Hold    
Jun 13, 2014 Warburg Research GmbH Roland Rapelius Buy    
Apr 22, 2014 J.P. Morgan Cazenove Christopher Brown/Matthew Hose Underweight    
Mar 19, 2014 Solventis Wertpapierhandelsbank GmbH Klaus Schlote Buy    
Mar 14, 2014 Close Brothers Seydler Research AG Ivo Visic Hold    
Mar 14, 2014 Landesbank Baden-Württemberg Hans-Peter Kuhlmann Hold    
Mar 06, 2014 Warburg Research GmbH Roland Rapelius Buy    
Feb 07, 2014 HSBC Trinkaus & Burkhardt Thomas Teetz Neutral    
Jan 31, 2014 Landesbank Baden-Württemberg Hans-Peter Kuhlmann Hold    
Jan 30, 2014 Warburg Research GmbH Roland Rapelius Hold    
Jan 29, 2014 Close Brothers Seydler Research AG Ivo Visic Hold    
Dec 03, 2013 Landesbank Baden-Württemberg Hans-Peter Kuhlmann Hold    
Nov 29, 2013 Close Brothers Seydler Research AG Ivo Visic Hold    
Nov 13, 2013 Warburg Research GmbH Roland Rapelius Hold    
Sep 16, 2013 Close Brothers Seydler Research AG Ivo Visic Hold    
Sep 16, 2013 J.P. Morgan Cazenove Christopher Brown/Caroline Cerisola/Matthew Hose Underweight    
Sep 16, 2013 Landesbank Baden-Württemberg Hans-Peter Kuhlmann Hold    
Sep 11, 2013 Warburg Research GmbH Roland Rapelius Hold    
Jun 19, 2013 HSBC Trinkaus & Burkhardt Thomas Teetz Neutral    
Jun 19, 2013 Landesbank Baden-Württemberg Hans-Peter Kuhlmann Buy    
Jun 17, 2013 Close Brothers Seydler Research AG Ivo Visic Hold    
Jun 14, 2013 J.P. Morgan Cazenove Christopher Brown/Caroline Cerisola/Matthew Hose Underweight    
Jun 14, 2013 Warburg Research GmbH Roland Rapelius Buy    
Jun 05, 2013 Warburg Research GmbH Roland Rapelius Buy    
Apr 26, 2013 Warburg Research GmbH Roland Rapelius Buy    
Apr 24, 2013 Landesbank Baden-Württemberg Hans-Peter Kuhlmann Buy    
Mar 25, 2013 Warburg Research GmbH Roland Rapelius Hold    
Mar 18, 2013 Close Brothers Seydler Research AG Ivo Visic Hold    
Mar 18, 2013 Landesbank Baden-Württemberg Hans-Peter Kuhlmann Hold    
Mar 18, 2013 Warburg Research GmbH Roland Rapelius Hold    
Feb 26, 2013 Warburg Research GmbH Roland Rapelius Hold    
Feb 25, 2013 J.P. Morgan Cazenove Christopher Brown/Caroline Cerisola/Matthew Hose Hold    
Feb 06, 2013 HSBC Trinkaus & Burkhardt Thomas Teetz Neutral    
Jan 30, 2013 Close Brothers Seydler Research AG Ivo Visic Hold    
Jan 30, 2013 Warburg Research GmbH Roland Rapelius Hold    
Jan 29, 2013 Berenberg Bank Gunnar Cohrs/Björn Lippe Hold    
Jan 29, 2013 J.P. Morgan Cazenove Christopher Brown/Caroline Cerisola/Matthew Hose Underweight    
Jan 28, 2013 Warburg Research GmbH Roland Rapelius Hold    
Dec 11, 2012 Close Brothers Seydler Research AG Ivo Visic Hold    
Dec 10, 2012 Berenberg Bank Gunnar Cohrs/Bjoern Lippe Hold    
Dec 04, 2012 J.P. Morgan Cazenove Christopher Brown/Matthew Hose Underweight    
Dec 03, 2012 Landesbank Baden-Württemberg Hans-Peter Kuhlmann Hold    
Oct 17, 2012 J.P. Morgan Cazenove Christopher Brown/Matthew Hose Underweight    
Oct 16, 2012 Close Brothers Seydler Research AG Ivo Visic Hold    
Sep 19, 2012 HSBC Trinkaus & Burkhardt Thomas Teetz Neutral    
Sep 19, 2012 Landesbank Baden-Württemberg Hans-Peter Kuhlmann Hold    
Sep 14, 2012 Berenberg Bank Bjoern Lippe Hold    
Sep 14, 2012 Close Brothers Seydler Research AG Ivo Visic Buy    
Sep 14, 2012 J.P. Morgan Cazenove Christopher Brown/Matthew Hose Neutral    
Jun 15, 2012 Landesbank Baden-Württemberg Hans-Peter Kuhlmann Buy    
Jun 14, 2012 Berenberg Bank Gunnar Cohrs/Bjoern Lippe Hold    
Jun 14, 2012 Close Brothers Seydler Research AG Ivo Visic Buy    
Jun 14, 2012 J.P. Morgan Cazenove Christopher Brown/Matthew Hose Neutral    
Apr 16, 2012 Landesbank Baden-Württemberg Hans-Peter Kuhlmann Hold    
Mar 13, 2012 Berenberg Bank Gunnar Cohrs/Bjoern Lippe Hold    
Mar 13, 2012 Close Brothers Seydler Research AG Ivo Visic Hold    
Mar 13, 2012 J.P. Morgan Cazenove Christopher Brown/Matthew Hose Underweight    
Mar 13, 2012 Landesbank Baden-Württemberg Hans-Peter Kuhlmann Buy    
Feb 13, 2012 Berenberg Bank Gunnar Cohrs/Bjoern Lippe Hold    
Feb 09, 2012 HSBC Trinkaus & Burkhardt Thomas Teetz Neutral    
Jan 31, 2012 Close Brothers Seydler Research AG Ivo Visic/Manuel Martin Hold    
Jan 30, 2012 Landesbank Baden-Württemberg Hans-Peter Kuhlmann Buy    
Jan 27, 2012 J.P. Morgan Cazenove Christopher Brown/Matthew Hose Underweight    
Jan 17, 2012 Berenberg Bank Gunnar Cohrs/Bjoern Lippe Buy    
Jan 16, 2012 J.P. Morgan Cazenove Christopher Brown/Matthew Hose Underweight    
Dec 19, 2011 Berenberg Bank Gunnar Cohrs/Alexandra Schlegel Buy    
Oct 06, 2011 Close Brothers Seydler Research AG Ivo Visic/Manuel Martin Hold    
Sep 19, 2011 J.P. Morgan Cazenove Christopher Brown Underweight    
Sep 14, 2011 Berenberg Bank Gunnar Cohrs/Alexandra Schlegel Buy    
Sep 14, 2011 HSBC Trinkaus & Burkhardt Thomas Teetz Neutral    
Sep 14, 2011 Landesbank Baden-Württemberg Ingo Frommen Hold    
Jun 17, 2011 J.P. Morgan Cazenove Christopher Brown Underweight    
Jun 14, 2011 Berenberg Bank Gunnar Cohrs/Alexandra Schlegel Buy    
May 31, 2011 Berenberg Bank Gunnar Cohrs/Alexandra Schlegel Buy    
Apr 01, 2011 Berenberg Bank Gunnar Cohrs/Alexandra Schlegel Buy    
Mar 14, 2011 Berenberg Bank Gunnar Cohrs/Alexandra Schlegel Buy    
Mar 11, 2011 Landesbank Baden-Württemberg Alexandra Hauser Hold    
Feb 14, 2011 J.P. Morgan Cazenove Christopher Brown Underweight    
Feb 07, 2011 Berenberg Bank Gunnar Cohrs/Alexandra Schlegel Buy    
Feb 04, 2011 Close Brothers Seydler Research AG Rabeya Khan/Manuel Martin Hold    
Feb 01, 2011 HSBC Trinkaus & Burkhardt Thomas Teetz Neutral    
Dec 15, 2010 Close Brothers Seydler Research AG Rabeya Khan/Manuel Martin Hold    
Sep 27, 2010 J.P. Morgan Cazenove Christopher Brown Underweight    
Sep 16, 2010 Close Brothers Seydler Research AG Rabeya Khan/Manuel Martin Buy    
Sep 15, 2010 HSBC Trinkaus & Burkhardt Thomas Teetz Neutral    
Jul 11, 2010 Landesbank Baden-Württemberg Alexandra Hauser Hold    
Jun 25, 2010 J.P. Morgan Cazenove Christopher Brown Underweight    
Jun 16, 2010 Close Brothers Seydler Research AG Rabeya Khan/Manuel Martin Buy    
Jun 16, 2010 HSBC Trinkaus & Burkhardt Thomas Teetz Neutral    
Jun 14, 2010 Landesbank Baden-Württemberg Alexandra Hauser Hold    
Mar 23, 2010 Close Brothers Seydler Research AG Klaus Berding Hold    
Mar 17, 2010 J.P. Morgan Cazenove Christopher Brown Underweight    
Mar 01, 2010 HSBC Trinkaus & Burkhardt Thomas Teetz neutral    
Feb 17, 2010 Close Brothers Seydler Research AG Klaus Berding Buy    
Feb 12, 2010 Landesbank Baden-Württemberg Alexandra Hauser Hold    
Feb 02, 2010 J.P. Morgan Cazenove Christopher Brown Underperform    
Jan 26, 2010 Landesbank Baden-Württemberg Alexandra Hauser Buy    
Dec 10, 2009 Landesbank Baden-Württemberg Alexandra Hauser Buy    
Oct 16, 2009 HSBC Trinkaus & Burkhardt Thomas Teetz Overweight    
Oct 13, 2009 Close Brothers Seydler Research AG Klaus Berding Buy    
Oct 06, 2009 Bankhaus Sal. Oppenheim Dr. Stephan Kalb Buy    
Oct 06, 2009 Cazenove Christopher Brown Underperform    
Oct 06, 2009 Landesbank Baden-Württemberg Alexandra Hauser Buy    
Sep 30, 2009 Close Brothers Seydler Research AG Klaus Berding Buy    
Sep 23, 2009 Casenove Christopher Brown Underperform    
Sep 16, 2009 Bankhaus Sal. Oppenheim Dr. Stephan Kalb Buy    
Sep 14, 2009 Landesbank Baden-Württemberg Alexandra Hauser Buy    
Jul 16, 2009 Close Brothers Seydler Research AG Klaus Berding Buy    
Jul 10, 2009 Cazenove Christopher Brown Outperform    
Jul 09, 2009 HSBC Trinkaus & Burkhardt Thomas Teetz Overweight    
Jul 07, 2009 Bankhaus Sal. Oppenheim Dr. Stephan Kalb Buy    
Jun 18, 2009 Close Brothers Seydler Research AG Klaus Berding Buy    
Jun 18, 2009 HSBC Trinkaus & Burkhardt Thomas Teetz Overweight    
Jun 15, 2009 Berenberg Bank Christian Ludwig Buy    
Mar 25, 2009 Cazenove Christopher Brown Outperform    
Mar 18, 2009 Bankhaus Sal. Oppenheim Dr. Stephan Kalb Buy    
Mar 18, 2009 HSBC Trinkaus & Burkhardt Thomas Teetz Overweight    
Feb 09, 2009 Closed Brothers Seydler Research AG Klaus Berding Buy    
Jan 30, 2009 Bankhaus Sal. Oppenheim Dr. Stephan Kalb Buy    
Jan 30, 2009 HSBC Trinkaus & Burkhardt Thomas Teetz Overweight    
Jan 29, 2009 Landesbank Baden-Württemberg Alexander Groschke Buy    
Jan 26, 2009 Berenberg Bank Christian Ludwig Buy    
Dec 02, 2008 Bankhaus Sal. Oppenheim Dr. Stephan Kalb Buy    
Nov 27, 2008 Landesbank Baden-Württemberg Alexander Groschke Buy    
Nov 14, 2008 Cazenove Christopher Brown Outperfom    
Nov 14, 2008 Close Brothers Seydler Research AG Klaus Berding Buy    
Nov 12, 2008 Berenberg Bank Christian Ludwig Buy    
Nov 07, 2008 HSBC Trinkaus & Burkhardt Thomas Teetz Overweight    
Oct 07, 2008 Bankhaus Sal. Oppenheim Dr. Stephan Kalb Buy    
Sep 24, 2008 Cazenove Christopher Brown In line    
Sep 17, 2008 Close Brothers Seydler Research AG Klaus Berding Buy    
Sep 16, 2008 Bankhaus Sal. Oppenheim Dr. Stephan Kalb Buy    
Sep 16, 2008 Berenberg Bank Christian Ludwig Buy    
Aug 18, 2008 Close Brothers Seydler Research AG Klaus Berding Buy    
Jun 19, 2008 HSBC Trinkaus & Burkhardt Thomas Teetz Overweight    
Jun 16, 2008 Cazenove Christopher Brown In-Line    
Mar 26, 2008 Landesbank Baden-Württemberg Alexander Groschke Buy    
Feb 12, 2008 HSBC Trinkaus & Burkhardt Thomas Teetz Overweight    
Feb 11, 2008 Bankhaus Sal. Oppenheim Heiko Frantzen Buy    
Feb 05, 2008 Berenberg Bank Christian Ludwig Buy    
Jan 30, 2008 Cazenove Christopher Brown In line    
Sep 19, 2007 Landesbank Baden-Württemberg Sebastian Prexl Buy    
Sep 17, 2007 Cazenove Chris Brown Underperform    
Sep 13, 2007 Berenberg Bank Christian Ludwig Buy    
Aug 17, 2007 Analysten-Meinungen Heiko Frantzen Buy    
Aug 15, 2007 HSBC Trinkaus & Burkhardt Thomas Teetz Overweight    
Aug 10, 2007 Cazenove Chris Brown In-Line    
Jul 17, 2007 Bankhaus Sal. Oppenheim Heiko Frantzen Neutral    
May 21, 2007 Bankhaus Sal. Oppenheim Heiko Frantzen Buy    
May 01, 2007 HSBC Trinkaus & Burkhardt Thomas Teetz Neutral    
Mar 19, 2007 Berenberg-Bank Christian Ludwig Buy    
Mar 08, 2007 Cazenove Chris Brown In-Line    
Feb 28, 2007 Bankhaus Sal. Oppenheim Heiko Frantzen Buy    
Jan 11, 2007 HSBC Trinkaus & Burkhardt Thomas Teetz Neutral    
Dec 22, 2006 Berenberg Bank Christian Ludwig Buy    
Dec 21, 2006 Cazenove Christopher Brown In Line    
Nov 01, 2006 Independent Research Pierre Drach Buy    
Sep 19, 2006 Cazenove Christopher Brown In Line    
Sep 14, 2006 Sal. Oppenheim Heiko C. Frantzen Buy    
Sep 12, 2006 Berenberg Bank Christian Ludwig Hold    
Jun 08, 2006 HSBC Trinkaus & Burkhardt Thomas Teetz Overweight    
May 19, 2006 GSC Research        
Feb 17, 2006 GSC Research        
Jan 22, 2006 Sal. Oppenheim Heiko C. Frantzen Buy    
Jan 10, 2006 HSBC Trinkaus & Burkhardt Thomas Teetz Neutral    
Jan 02, 2006 Landesbank Baden-Württemberg Falk Reimann      
Nov 21, 2005 Independent Research R. Schramm Akkumulieren    
Oct 24, 2005 GSC Research GmbH        
Sep 15, 2005