Institution	Analyst	Recommendation	Target price	Email address	Telephone
Autonomous	Ian White	Outperform	28.70 €	iwhite@autonomous.com	+44 (0)20 7776 3446
Berenberg	Christoph Greulich	Buy	26.00 €	christoph.greulich@berenberg.com	+44 (0)20 3753 3119
Citigroup	Andrew Lowe	Neutral	24.00 €	andrew.lowe@citi.com	+44 (0)20 79864042
Deutsche Bank	Mengxian Sun	Buy	24.00 €	mengxian.sun@db.com	+49 (0)69 910 41701
BNP Paribas	Christoph Blieffert	Outperform	24.00 €	christoph.blieffert@exanebnpparibas.com	+49 (0)69 4272 97321
Hauck & Aufhäuser Lampe	Simon Keller	Hold	23.00 €	simon.keller@ha-ib.de	+49 (0)40 414388573
Goldman Sachs	Oliver Carruthers	Buy	24.00 €	oliver.carruthers@gs.com	+44 (0)207 7552 9364
Jefferies	Martin Comtesse	Hold	25.00 €	mcomtesse@jefferies.com	+44 (0)20 7029 8772
KBW - A Stifel Company	Benjamin Kohnke	Outperform	22.00 €	benjamin.kohnke@kbw.com	+49 (0)69 78808 226
M.M. Warburg	Marius Fuhrberg	Hold	21.00 €	mfuhrberg@warburg-research.com	+49 (0)40 309537 185
Morgan Stanley	Bruce Hamilton	Overweight	22.50 €	bruce.hamilton@morganstanley.com	+44 (0)20 7425-7597
Oddo BHF	Sinan Doganli	Neutral	22.00 €	sinan.doganli@oddo-bhf.com	+49 (0) 69 718 3023