⬆️⬆️⬆️

- DEUTSCHE BANK RESEARCH raises the price target for NIKE from USD 82 to USD 84. Buy. $NKE (-6.85%)

- RBC raises the price target for ALPHABET A SHARE from USD 210 to USD 235. Outperform. $GOOGL (+0.94%)

- RBC raises the price target for AMAZON from USD 225 to USD 255. Outperform. $AMZN (+0.26%)

- RBC raises the price target for META from USD 630 to USD 700. Outperform. $META (-2.23%)

- ODDO BHF raises the target price for MUNICH RE from EUR 540 to EUR 555. Outperform. $MUV2 (-1.1%)

- ODDO BHF upgrades HERMES to Neutral. Target price EUR 2315. $RMS (+0.75%)

- ODDO BHF raises the target price for AIRBUS from EUR 168 to EUR 180. Outperform. $AIR (-0.84%)

- ODDO BHF raises the price target for FRAPORT from EUR 58 to EUR 61. Outperform. $FRA (+5.53%)

- JPMORGAN raises the target price for FEDEX from USD 366 to USD 370. Overweight. $FDX (-8.08%)

⬇️⬇️⬇️

- GOLDMAN lowers the price target for NIKE from USD 97 to USD 91. Buy. $NKE (-6.85%)

- BOFA lowers the price target for NIKE from USD 95 to USD 90. Buy. $NKE (-6.85%)

- ODDO BHF downgrades CARBIOS to Neutral. $ALCRB (+3.49%)

- KEPLER CHEUVREUX lowers the price target for LANXESS from EUR 31 to EUR 30. Buy. $LXS (-0.26%)

- HAUCK AUFHÄUSER IB lowers the target price for DEUTZ from EUR 8.50 to EUR 7. Buy. $DEZ (-1.18%)

- BARCLAYS lowers the price target for VERTEX from USD 509 to USD 418. Equal-Weight. $VRTX (-0.44%)

- GOLDMAN lowers the price target for BIRKENSTOCK from 59.10 USD to 57.90 USD. Neutral. $BIRK (+4.23%)

- GOLDMAN downgrades TEAMVIEWER from Buy to Neutral and lowers target price from EUR 17 to EUR 12. $TMV (-2.93%)

The donkey is back on individual shares $MUV2 (-1.1%)

After I got rid of my last share in 2023 and actually didn't want to have any shares in my portfolio but only ETFs and crypto, one share has now made it back into my portfolio: Munich Re.

Many people will be asking themselves "Huh? Why Munich? The donkey comes from the north. Then why not Hannover Re?". Quite simply, the share was a gift from @Koenigmidas .

I don't know why myself. Probably because he's just a kind-hearted man, the dear king, and wanted to let a poor donkey like me share in his wealth 😍.

Thank you very much, dear king. There shall be no other kings besides you. The share will remain in the portfolio until

• You tell me to sell
• I @DividendenWaschbaer rather than you
• I close my portfolio with TR (it just wasn't enough for a whole share after all, cheapskate)

Let it rain a few ♥️ for the king

Analyst updates, 17.12.

⬆️⬆️⬆️

• - UBS raises the price target for AMAZON from USD 230 to USD 264. Buy. $AMZN (+0.26%)
• - CITIGROUP raises the target price for ALLIANZ SE from EUR 286 to EUR 314.40. Neutral. $ALV (-0.66%)
• - BARCLAYS raises the target price for DHL GROUP from EUR 37.50 to EUR 38. Equal-Weight. $DHL (+0.13%)
• - DEUTSCHE BANK RESEARCH upgrades AIRBUS from Hold to Buy and raises target price from EUR 155 to EUR 185. $AIR (-0.84%)
• - BERENBERG raises the price target for MUNICH RE from EUR 525 to EUR 552. Hold. $MUV2 (-1.1%)
• - KEPLER CHEUVREUX raises the price target for ADESSO from EUR 80 to EUR 100. Hold. $ADN1 (-0.76%)
• - WARBURG RESEARCH raises the price target for FMC from EUR 31 to EUR 36. Sell. $FME (-0.96%)
• - DEUTSCHE BANK RESEARCH raises the target price for AUTO1 from EUR 12 to EUR 20. Buy. $AG1 (+3.11%)
• - DEUTSCHE BANK RESEARCH raises the price target for MTU from EUR 329 to EUR 337. Hold. $MTX (-0.47%)
• - DEUTSCHE BANK RESEARCH raises the price target for HENSOLDT from EUR 37 to EUR 41. Buy. $HAG (-0.41%)
• - DEUTSCHE BANK RESEARCH raises the target price for ROLLS-ROYCE from GBP 5.55 to GBP 6.30. Buy. $RR. (-0.37%)
• - BOFA raises the target price for INFINEON from EUR 36 to EUR 40. Buy. $IFX (-1.35%)
• - BOFA raises the price target for STMICRO from EUR 29 to EUR 30. Buy. $STMPA (-0.02%)
• - BOFA raises the target price for NOKIA from EUR 4.07 to EUR 4.58. Neutral. $NOKIA (-0.2%)

⬇️⬇️⬇️

• - JPMORGAN downgrades TRANSMEDICS from Overweight to Neutral and lowers target price from 116 USD to 75 USD. $TMDX (+1.52%)
• - BOFA lowers the price target for SILTRONIC from EUR 59 to EUR 46. Underperform. $WAF (-3.21%)
• - HSBC lowers the price target for CARL ZEISS MEDITEC from EUR 66 to EUR 54. Hold. $AFX (+0.2%)
• - KEPLER CHEUVREUX lowers the price target for HEIDELBERGER DRUCK from EUR 1.25 to EUR 1. Hold. $HBGRY
• - KEPLER CHEUVREUX lowers the price target for EVONIK from EUR 25 to EUR 21. Buy. $EVK (-0.02%)
• - KEPLER CHEUVREUX lowers the price target for NORDEX from EUR 17 to EUR 14. Buy. $NDX1 (+0.57%)

needed money for presents 🎁

I would still like to $ALV (-0.66%) and $MUV2 (-1.1%) into my long-term portfolio and am considering whether I should wait here. Both stocks have performed very well, as have the banks.

Am I wrong in thinking that both stocks should also fall somewhat as interest rates fall?

Greetings 🙋🏻‍♂️

Analyst updates, 16.12.

⬆️⬆️⬆️

• JEFFERIES raises the price target for AMAZON from USD 235 to USD 275. Buy. $AMZN (+0.26%)
• CITIGROUP raises the price target for MUNICH RE from EUR 475 to EUR 522. Neutral. $MUV2 (-1.1%)
• BERENBERG raises the price target for RHEINMETALL from EUR 655 to EUR 750. Buy. $RHM (-0.78%)
• WARBURG RESEARCH raises the price target for PORSCHE SE from EUR 36 to EUR 37. Hold. $PAH3 (+0.42%)
• WARBURG RESEARCH raises the price target for HENSOLDT from EUR 40 to EUR 42. Buy. $HAG (-0.41%)
• JEFFERIES raises the target price for SHELL from GBP 31 to GBP 32. Buy. $SHEL (-0.74%)

⬇️⬇️⬇️

• BERNSTEIN lowers the price target for PORSCHE SE from EUR 46 to EUR 42. Market Perform. $PAH3 (+0.42%)
• HSBC downgrades SAP to Hold. Target price EUR 260. $SAP (-0.03%)
• LOOP CAPITAL downgrades NETFLIX to Hold. Target price 950 USD. $NFLX (+0.09%)
• EXANE BNP lowers the price target for MERCEDES-BENZ from EUR 57 to EUR 54. Underperform. $MBG (-0.07%)
• JEFFERIES downgrades FORD from Hold to Underperform and lowers target price from USD 12 to USD 9. $F (+0.74%)
• CITIGROUP lowers the price target for THYSSENKRUPP from EUR 5.80 to EUR 5.50. Buy. $TKA (-1.72%)
• STIFEL lowers the price target for AIXTRON from EUR 20 to EUR 18. Hold. $AIXA (+0.02%)
• PARETO downgrades TRATON to Hold. Target price EUR 32.50. $8TRA (-1.87%)
• DEUTSCHE BANK RESEARCH lowers the target price for KINGFISHER from GBP 3.50 to GBP 3.40. Buy. $KGF (+0.46%)
• METZLER lowers the price target for CARL ZEISS MEDITEC from EUR 104 to EUR 90. Buy. $AFX (+0.2%)
• BERENBERG lowers the price target for SCHOTT PHARMA from EUR 32 to EUR 28. Hold. $1SXP (+0.91%)
• CITIGROUP downgrades 1&1 to Neutral. Target price EUR 15. $1U1 (-0.61%)

13.12.2024

ECB lowers interest rates as expected + Munich Re expects further profit growth in 2025 + Berenberg lowers Teamviewer to 'Hold' - target 13 euros

No surprise in the interest rate policy

• The European Central Bank cuts the deposit rate by 0.25 percentage points to 3.00 percent, in line with forecasts.
• The European Central Bank lowers the main refinancing rate by 0.25 percentage points to 3.15 percent, as expected.
• The European Central Bank lowers the marginal lending rate by 0.25 points to 3.40 percent, in line with forecasts.
• The European Central Bank (ECB) lowers its inflation forecast for 2024 from 2.5% to 2.4%
• The European Central Bank announces that the disinflation process is "well on track".
• The European Central Bank expects the inflation rate to be 2.1% in 2027
• The European Central Bank (ECB) confirms its inflation rate projection for 2026 at 1.9%.
• The European Central Bank lowers its inflation forecast for 2025 from 2.2% to 2.1%.

Reinsurer Munich Re $MUV2 (-1.1%)expects further profit growth in the coming year

• Munich Re, the world's largest reinsurer, is once again targeting higher profits for the coming year.
• The management of the DAX-listed group is planning a net profit of 6 billion euros in 2025, compared with the target of over 5 billion euros for the current year, as the company announced in Munich on Friday.
• Analysts had previously expected an average profit of 5.9 billion euros in the coming year.
• Munich Re had earned 4.6 billion euros in 2023.
• All business segments should continue to develop well, the Group said.
• The return on investment should improve to over 3.0 percent in 2025.

Teamviewer $TMV (-2.93%)with down rating

• The private bank Berenberg has downgraded Teamviewer from "buy" to "hold" and lowered the target price from 19 to 13 euros.
• Analyst Gustav Froberg justified his reassessment on Friday with concerns regarding the use of capital, which could weigh on the shares for the time being.
• The takeover of 1E makes strategic sense, but it cannot be ruled out that too much money will be sacrificed for it.
• More clarity is needed regarding the effects, also with regard to synergies.

Friday: Stock market dates, economic data, quarterly figures

• ex-dividend of individual stocks

KWS SAAT 0.90 EUR

Walmart USD 0.21

Albemarle USD 0.41

• Quarterly figures / company dates Europe

07:30 Munich Re Outlook 2025

08:30 Munich Re Analyst Conferencez

• Economic data

08:00 DE: Trade balance October Trade balance calendar and seasonally adjusted FORECAST: +18.0 bn euro previous: +17.0 bn euro Exports FORECAST: -3.0% yoy previous: -1.7% yoy Imports FORECAST: -1.0% yoy previous: +2.1% yoy

08:00 UK: GDP month October Forecast: +0.1% yoy previous: -0.1% yoy | Trade Balance October Forecast: n/a previous: GBP -51.1 bn | Industrial Production October Forecast: +0.2% yoy/+0.1% yoy previous: -0.5% yoy/-1.8% yoy

11:00 EU: Industrial Production October Eurozone OUTLOOK: -0.2% yoy/-2.1% yoy previous: -2.0% yoy/-2.8% yoy

14:30 US: Import and export prices November import prices FORECAST: -0.2% yoy previous: +0.3% yoy

Analsyst updates, 06.12.

⬆️⬆️⬆️

• BERNSTEIN raises the price target for SIEMENS from EUR 220 to EUR 227. Outperform. $SIE (-0.29%)
• JPMORGAN raises the target price for SIEMENS ENERGY from EUR 38.70 to EUR 44. Neutral. $ENR (+2.08%)
• JEFFERIES upgrades BMW from Hold to Buy and raises target price from EUR 80 to EUR 85. $BMW (+0.87%)
• ODDO BHF raises the price target for AURUBIS from EUR 70 to EUR 76. Neutral. $NDA (-1.54%)
• UBS raises target price for AUTO1 from EUR 9.80 to EUR 20.50. Buy. $AG1 (+3.11%)
• UBS raises the target price for NORDEA from SEK 144 to SEK 145. Buy. $NDA FI (-1.74%)
• DEUTSCHE BANK RESEARCH raises the price target for FREENET from EUR 34 to EUR 36. Buy. $FNTN (-1.23%)
• DEUTSCHE BANK RESEARCH raises the target price for DS SMITH from GBP 4 to GBP 5.80. Hold. $SMDS (+0.73%)
• JPMORGAN raises the price target for THYSSENKRUPP from EUR 3.80 to EUR 4.10. Neutral. $TKA (-1.72%)
• JPMORGAN raises the target price for SALZGITTER from EUR 11.50 to EUR 14.10. Underweight. $SZG (-0.9%)
• JPMORGAN raises the price target for SCHNEIDER ELECTRIC from EUR 270 to EUR 275. Overweight. $SU (-0.75%)
• JPMORGAN raises the price target for KNORR-BREMSE from EUR 88 to EUR 92. Overweight. $KBX (+0.91%)
• MORGAN STANLEY upgrades HANNOVER RÜCK to Overweight. Target price EUR 292. $HNR1 (-0.97%)
• JPMORGAN raises the target price for COMMERZBANK from EUR 18.40 to EUR 19.50. Overweight. $CBK (-1.64%)

⬇️⬇️⬇️

• GOLDMAN lowers the price target for LVMH from EUR 770 to EUR 720. Buy. $MC (-0.25%)
• MORGAN STANLEY downgrades MUNICH RE to Equal-Weight. Target price 523 EUR. $MUV2 (-1.1%)
• JEFFERIES downgrades MERCEDES-BENZ from Buy to Hold and lowers target price from EUR 73 to EUR 60. $MBG (-0.07%)
• ODDO BHF lowers the price target for DELIVERY HERO from EUR 43 to EUR 38. Neutral. $DHER (+3.05%)
• WARBURG RESEARCH lowers the price target for COMPUGROUP from EUR 31 to EUR 24.50. Buy. $COP (+0.05%)
• JPMORGAN lowers the price target for VESTAS from DKK 143 to DKK 123. Neutral. $VWS (-2.71%)
• JPMORGAN lowers the price target for KION from EUR 44 to EUR 43. Overweight. $KGX (+0.89%)
• MORGAN STANLEY downgrades ORSTED to Equal-Weight. Target price DKK 480. $ORSTED (-0.3%)

Dax dividends fall

In 2025, the 40 DAX companies will be paying out seven percent less than last year, according to a forecast by Handelsblatt. Car manufacturer shareholders will be hit particularly hard.

Many DAX shareholders will have to adjust to lower dividends for the current financial year: According to a forecast by Handelsblatt, the 40 Dax-listed companies will pay out a combined €48.5 billion next spring. That would be seven percent less than in the previous year.

At the same time, 22 companies are likely to further increase their payouts and eight will reduce their dividends. But overall, there will be a decline for the first time since the outbreak of the pandemic. This is mainly due to the car manufacturers, where the dividend total is likely to fall by almost 35% to around ten billion euros. This is due to falling profits at VW $VOW (+1.96%) , BMW $BMW (+0.87%) and Mercedes $MBG (-0.07%) due to poor sales figures in Europe and especially in the former boom country China.

In contrast, the sporting goods manufacturer Adidas $ADS (-0.15%) , the Deutsche Telekom
$DTE (-0.92%) and the arms manufacturer Rheinmetall $RHM (-0.78%) are increasing their dividends particularly sharply. This also applies to Deutsche Bank
$DBK (-1.71%) and Commerzbank $CBK (-1.64%) and the insurers Allianz $ALV (-0.66%) , Munich Re
$MUV2 (-1.1%) and Hannover Re
$HNR1 (-0.97%) . The healthcare group Fresenius $FRE (-0.84%) has not distributed anything for 2023, but is now planning a dividend again.

Commerzbank analyst Andreas Hürkamp sees a rotation: "In 2011, the automotive sector replaced utilities as the sector with the highest dividends. Now it is becoming apparent that after 14 years, insurers will be the new number one dividend payers in the DAX."

Handelsblatt

Analyst updates, 05.12.

⬆️⬆️⬆️

• HSBC upgrades SIEMENS to Hold. Target price EUR 185. $SIE (-0.29%)
• DEUTSCHE BANK RESEARCH raises the price target for MUNICH RE from EUR 450 to EUR 535. Hold. $MUV2 (-1.1%)
• DEUTSCHE BANK RESEARCH raises the price target for HANNOVER RÜCK from EUR 255 to EUR 294. Buy. $HNR1 (-0.97%)
• DEUTSCHE BANK RESEARCH raises the price target for TALANX from EUR 70 to EUR 76. Hold. $TLX (-0.96%)
• JEFFERIES raises the price target for ORACLE from 190 USD to 220 USD. Buy. $ORCL (-0.32%)
• HAUCK AUFHÄUSER IB raises the target price for MTU from EUR 264 to EUR 280. Sell. $MTX (-0.47%)
• BARCLAYS upgrades AUTO1 from Equal-Weight to Overweight and raises target price from EUR 9 to EUR 19. $AG1 (+3.11%)
• JPMORGAN raises the price target for HELLOFRESH from EUR 14 to EUR 16. Overweight. $HFG (+0.69%)
• JPMORGAN raises the target price for DELIVERY HERO from EUR 42 to EUR 55. Overweight. $DHER (+3.05%)
• JPMORGAN raises the price target for CTS EVENTIM from EUR 104 to EUR 112. Overweight. $EVD (-0.58%)
• JPMORGAN raises the target price for SCOUT24 from EUR 92 to EUR 105. Overweight. $G24 (+0.54%)
• JPMORGAN raises the target price for JUST EAT TAKEAWAY from GBP 16.02 to GBP 18.32. Overweight. $TKWY (+0.68%)
• JPMORGAN upgrades DELIVEROO from Neutral to Overweight and raises target price from GBP 1.70 to GBP 1.92. $ROO (+2.07%)
• JPMORGAN raises the price target for HEIDELBERG MATERIALS from EUR 150 to EUR 151. Overweight. $HEI (-0.69%)
• JPMORGAN raises the price target for FRAPORT from EUR 49 to EUR 59. Neutral. $FRA (+5.53%)

⬇️⬇️⬇️

• METZLER lowers the price target for HYPOPORT from EUR 220 to EUR 185. Sell. $HYQ (-0.35%)
• ODDO BHF lowers the target price for SCHOTT PHARMA from EUR 38 to EUR 37. Outperform. $1SXP (+0.91%)
• BARCLAYS lowers the target price for RIO TINTO from GBP 61 to GBP 60. Overweight. $RIO (-0.87%)
• JPMORGAN downgrades STRÖER from Overweight to Neutral and lowers target price from EUR 79 to EUR 57. $SAX (-1.31%)