Equity analysts

Summary of recommendations

Equity Analysts

Broker	Analyst	Updated	Recommendation	Target Price €
Autonomous Research	Lance Burbidge +44 20 7776 3432 lburbidge@autonomous.com
Banca Akros	Enrico Esposti +39 02 4344 4022 enrico.esposti@bancaakros.it	04/09/17	Neutral	16.6
Banca IMI	Elena Perini +39 02 8794 9814 elena.perini@intesasanpaolo.com	05/09/17	Add	17.7
Bank of America Merrill Lynch	Michael Van Wegen +44 20 7995 7806 michael.vanwegen@baml.com	03/08/17	Neutral	16.0
Bankhaus Lampe	Andreas Schäfer +49 21 1495 2819 andreas.schaefer@bankhaus-lampe.de	04/08/17	Hold	16.5
Barclays Capital	Claudia Gaspari +44 20 3134 6039 claudia.gaspari@barclayscapital.com	28/08/17	Underweight	12.8
Bernstein Research	Thomas Seidl +44 20 7170 5009 thomas.seidl@bernstein.com
CFRA	Jit Hoong Chan +60 32 283 6884 jithoong.chan@cfraresearch.com	11/05/17	Hold	15.0
Citi	Darshan Mistry +44 20 7986 9929 darshan.mistry@citi.com	17/01/17	Sell	12.0
Credit Suisse	Farooq Hanif
Deutsche Bank	Hadley Cohen +44 20 7545 8139 hadley.cohen@db.com	06/09/17	Hold	15.2
DZ Bank	Thorsten Wenzel +49 69 7447 7487 thorsten.wenzel@dzbank.de	02/08/17	Buy	17.5
Equita	Giuseppe Mapelli	03/08/17	Hold	16.5
Exane BNP Paribas	Niccolò Dalla Palma +33 14 495 9267 niccolo.dalla-palma@exanebnpparibas.com	02/08/17	Neutral	16.5
Goldman Sachs	Johnny Vo +44 20 7552 5785 johnny.vo@gs.com	02/08/17	Sell	13.8
HSBC	Steven Haywood +44 20 7991 3184 steven.haywood@hsbcib.com	04/09/17	Buy	17.0
Intermonte Sec.	Alberto Villa +39 02 7711 5431 avilla@intermonte.it
Jefferies	Mark Cathcart +44 20 7029 8784 mcathcart@jefferies.com	11/05/17	Hold	16.8
JP Morgan/ Cazenove	Michael Huttner	04/08/17	Overweight	20.0
KBW	Ralph Hebgen +44 20 7663 3221 rhebgen@kbw.com	04/08/17	Market perform	16.0
Kepler Cheuvreux	Peter Eliot +44 20 7621 5146 peliot@keplercheuvreux.com
Macquarie	Andy Hughes
Mediobanca	Gianluca Ferrari +39 02 8829 482 gianluca.ferrari@mediobanca.it	03/08/17	Neutral	16.0
Morgan Stanley	Nadine van der Meulen +44 20 7425 6143 nadine.van.der.meulen@morganstanley.com	04/09/17	Equalweight	15.3
Natixis	Benoit Valleaux +33 1 5855 9680 benoit.valleaux@sec.natixis.com	03/08/17	Buy	17.5
Royal Bank of Canada	Paul De'Ath +44 207 029 0761 paul.de'ath@rbccm.com	21/08/17	Sector perform	15.0
Societe Generale	Nick Holmes +44 20 7762 4124 nick.holmes@sgcib.com	02/08/17	Buy	18.5
UBS	Colm Kelly +44 20 7568 0470 colm.kelly@ubs.com	04/09/17	Buy	15.7
Whitman Howard	Craig Bourke +44 20 7811 3540 c.bourke@whitman-howard.com	28/04/17	Hold	15.5