Broker	Analyst	Recommendation	Price Target	Date
Bankhaus Lampe	Marc Gabriel	Hold	€ 30.00	August 14, 2019
Bankhaus Metzler	Jasko Terzic	Buy	€ 40.00	July 25, 2019
BoA Merrill Lynch	Marcin Wojtal	Underperform	€ 30.00	November 15, 2018
Commerzbank	Norbert Kretlow	Buy	€ 54.00	May 08, 2019
DZ Bank	Thorsten Reigber	Buy	€ 27.00	August 16, 2019
HSBC	Christian Korth	Buy	€ 40.00	July 18, 2019
Independent Research	Sven Diermeier	Hold	€ 23.00	August 19, 2019
Kepler Cheuvreux	Craig Abbott	Hold	€ 38.50	August 14, 2019
LBBW	Jens Münstermann	Hold	€ 23.00	August 21, 2019
MainFirst Bank	Patrick Horch	Outperform	€ 39.00	August 20, 2019
CFRA	Firdaus Ibrahim	Hold	€ 43.00	November 14, 2018
UBS	Gregor Kuglitsch	Neutral	€ 27.50	August 14, 2019
AlphaValue	Felix Brunotte	Buy	€ 33.60	September 13, 2019
		Average target price (mean)	€ 34.51

Rating Categories	# Current
Positive	6
Neutral	6
Negative	1

Last Update: September 25, 2019

More detailed consensus estimates: Homepage of Vara Research

Provided by

The earnings estimates of the following institutions were included in the above figures
AlphaValue, Bankhaus Lampe , Bankhaus Metzler, DZ Bank, HSBC, Independent Research , Kepler Cheuvreux, LBBW, MainFirst Bank, UBS.

Disclaimer

This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.