Broker	Analyst	Recommendation	Price Target	Date
Bankhaus Lampe	Marc Gabriel	Hold	€ 38.00	October 26, 2018
Bankhaus Metzler	Jasko Terzic	Buy	€ 46.00	November 13, 2018
BoA Merrill Lynch	Marcin Wojtal	Underperform	€ 30.00	November 15, 2018
Commerzbank	Norbert Kretlow	Buy	€ 54.00	November 06, 2018
DZ Bank	Thorsten Reigber	Buy	€ 40.00	November 22, 2018
HSBC	Christian Korth	Buy	€ 48.00	January 29, 2019
Independent Research	Sven Diermeier	Hold	€ 35.00	November 19, 2018
Kepler Cheuvreux	Craig Abbott	Hold	€ 38.50	January 24, 2019
LBBW	Jens Münstermann	Hold	€ 41.00	August 24, 2018
MainFirst Bank	Patrick Horch	Outperform	€ 50.00	December 07, 2018
CFRA	Firdaus Ibrahim	Hold	€ 43.00	November 14, 2018
UBS	Gregor Kuglitsch	Neutral	€ 32.00	November 20, 2018
AlphaValue	Felix Brunotte	Reduce	€ 29.20	December 06, 2018
		Average target price (mean)	€ 40.36

Rating Categories	# Current
Positive	5
Neutral	6
Negative	2

Last Update: January 29, 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, BoA Merrill Lynch, DZ Bank, HSBC, Independent Research , 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.