Institution	Analyst	Recommendation	Target price	Email address	Telephone
Autonomous	Ian White	Outperform	14.10 €	iwhite@autonomous.com	+44 (0)20 7776 3446
Berenberg	Christoph Greulich	Buy	16.00 €	christoph.greulich@berenberg.com	+44 (0)20 3753 3119
Citigroup	Andrew Lowe	Neutral	13.60 €	andrew.lowe@citi.com	+44 (0)20 79864042
Deutsche Bank	Mengxian Sun	Buy	15.00 €	mengxian.sun@db.com	+49 (0)69 910 41701
BNP Paribas	Christoph Blieffert	Neutral	9.50 €	christoph.blieffert@exanebnpparibas.com	+49 (0)69 4272 97321
Hauck & Aufhäuser Lampe	Simon Keller	Buy	16.00 €	simon.keller@ha-ib.de	+49 (0)40 414388573
Goldman Sachs	Charlie Mayne	Neutral	12.70 €	charles.mayne@gs.com	+44 (0)207 774 8265
Jefferies	Martin Comtesse	Buy	17.00 €	mcomtesse@jefferies.com	+44 (0)20 7029 8772
KBW - A Stifel Company	Benjamin Kohnke	Outperform	15.00 €	benjamin.kohnke@kbw.com	+49 (0)69 78808 226
M.M. Warburg	Marius Fuhrberg	Buy	16.50 €	mfuhrberg@warburg-research.com	+49 (0)40 309537 185
Morgan Stanley	Panos Ellinas	Equal-weight	10.70 €	Panos.Ellinas@morganstanley.com	+44 (0)20 7425-1173
Oddo BHF	Sinan Doganli	Neutral	13.00 €	sinan.doganli@oddo-bhf.com	+49 (0) 69 718 3023