Lufthansa: $LHA (+0,46%)

- Q1 revenue: €8.13bn (expected: €8.04bn)

- Q1 adj. EBIT: € -722 million (expected: € -718 million)

- Passenger airlines weaker than expected.

- Forecast 2025 confirmed: Significantly higher adj. EBIT than 2024.

- Task force for rapid capacity adjustment in the event of weaker demand.

- North American traffic strong in Q1 (+25% US passengers in March).

HelloFresh: $HFG (-0,36%)

- Q1 revenue: € 1.93 billion (-7%), adjusted EBITDA: € 58.1 million (+250%).

- Efficiency program bears fruit.

- 2025 forecast confirmed: Sales -3% to -8%, EBITDA € 450-500 million.

Novartis: $NOVN (+0,55%)

- Q1 net profit: USD 3.6 bn (+33%).

- Forecast raised: Sales growth now expected in the high single-digit percentage range.

Mutares: $MUX (-1,16%)

- Q1 revenue: €1.53bn (+13%), net result holding company: €29.5m.

- Exits planned for 2025 (>€200m gross proceeds expected).

- Partial sale of Steyr Motors generates € 74m.

Symrise: $SY1 (-6,15%)

- Q1 organic growth: 4.2%, sales: € 1.32 bn.

- Full-year forecast confirmed: 5-7% organic growth, EBITDA margin ~21%.

DWS Group: $DWS (-0,15%)

- Q1 revenues: €753m (+3%), net income: €199m (+13%).

- Record inflows: € 19.9 billion.

- Cooperation with Deutsche Bank in the Private Credit segment.

Deutsche Bank: $DBK (-4,14%)

- Q1 pre-tax profit +39%, highest quarterly profit in 14 years.

- Revenue growth and cost reductions drive earnings above expectations.

Lufthansa starts the year with another high loss + Hellofresh suffers from sluggish demand for cooking boxes at the start of the year + Symrise on course for annual targets

Lufthansa $LHA (+0,46%)starts the year with another high loss

• Despite significantly higher revenues, Lufthansa has once again started the year with figures in the deep red.
• While several strikes had had an expensive impact in the previous year, operating costs rose noticeably in the first quarter.
• In addition, Easter only fell in the second quarter this time.
• However, despite the customs dispute with the USA, the Group counted significantly more travelers from the United States in March than a year earlier, as it announced in Frankfurt on Tuesday.
• Bookings from the USA continued to increase.
• This is another reason why CEO Carsten Spohr is sticking to his goal of increasing profits in day-to-day business (adjusted EBIT) in the current year and "significantly" exceeding the previous year's figure of around 1.65 billion euros.
• In the first quarter, the Group's turnover rose by ten percent year-on-year to 8.1 billion euros.
• The operating loss adjusted for special items (adjusted EBIT) decreased by 15 percent to 722 million euros.
• In the passenger business, however, the loss widened to 934 million euros.
• At the bottom line, the Group's loss increased by more than a fifth to 885 million euros due to lower tax relief.

Hellofresh $HFG (-0,36%)suffers from sluggish demand for cooking boxes at the start of the year

• Hellofresh suffered a decline in sales at the start of the year due to the continued sluggish business with cooking boxes.
• Revenues in the first quarter fell by around seven percent year-on-year to 1.93 billion euros, as the Berlin-based MDax company announced on Tuesday.
• In mid-March, the management had already predicted a difficult first quarter.
• While sales of cooking boxes shrank by 13.5 percent, the ready meals division grew by 10.5 percent.
• Hellofresh confirmed its forecast for the year.
• Adjusted for special effects, earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) soared by around 250 percent to 58.1 million euros due to the ongoing savings program.
• Savings in personnel costs and production were particularly noticeable in the cooking box business.
• Meanwhile, the growing ready meals business is still making an operating loss.
• The bottom line for shareholders was a loss of 123.8 million euros after 83.9 million in the same quarter of the previous year.
• Hellofresh continues to expect a decline in sales of three to eight percent in the current year.
• The adjusted operating profit is expected to be between 450 and 500 million euros and thus at least reach the level of two years ago.
• Back in March, the food delivery company announced a savings program: from 2026, a total of 300 million euros are to be saved annually.

Symrise $SY1 (-6,15%)on course for annual targets

• Despite a slower start to the year, Symrise believes it is on track to achieve its annual targets.
• Sales in the first quarter rose by just under two percent year-on-year to around 1.32 billion euros, as the manufacturer of fragrances, flavors and food additives announced on Tuesday.
• Excluding exchange rate effects as well as acquisitions and disposals of parts of the company, the increase amounted to 4.2 percent.
• Business with additives for beverages and sweets as well as fragrances for expensive perfumes provided a tailwind, while the sunscreen business was slower due to very strong figures from the previous year.
• Group sales were roughly in line with market expectations, while organic growth was slightly higher.
• The company confirmed its annual targets.
• Accordingly, organic growth should continue to reach 5% to 7% in 2025.
• Earnings before interest, taxes, depreciation and amortization (EBITDA) are expected to account for around 21% of sales, which would continue the margin recovery of the previous year.
• Symrise will comment specifically on the profit trend when it publishes its half-year figures.

Tuesday: Stock market dates, economic data, quarterly figures

Japan stock exchange holiday

• ex-dividend of individual stocks
• Henkel VZ EUR 1.85
• Banco Santander EUR 0.11
• Henkel 2.02 EUR
• Vivendi 0.04 EUR
• Akzo Nobel EUR 1.54
• Inditex 0.84 EUR
• Signify 1.56 EUR

• Quarterly figures / company dates USA / Asia
• 12:00 Spotify | UPS quarterly figures
• 12:30 General Motors | Honeywell quarterly figures
• 12:45 Pfizer quarterly figures | Astrazeneca analyst conference
• 13:00 Coca-Cola | Kraft Heinz quarterly figures
• 13:15 Paypal quarterly figures
• 15:00 Citigroup | American Express AGM
• 19:00 IBM AGM
• 20:00 Meta AGM
• 22:00 Booking Holdings | Starbucks | Edison International | First Solar | Snap quarterly figures
• 22:05 Visa | Mondelez quarterly figures
• Without time information: Paccar | Universal Music | Corning | Jetblue Airways Quarterly figures

• Quarterly figures / Company dates Europe
• 07:00 Deutsche Bank | Lufthansa | Novartis | DWS | Hellofresh | HSBC
• 07:00 Banco Bilbao | Stratec | Capgemini | Volvo Car annual results
• 07:30 Adidas | Symrise | Mutares quarterly figures
• 08:00 Porsche AG | Astrazeneca | BP | AB Foods quarterly figures | Deutsche Bank PK
• 08:30 Hellofresh analyst and press conference
• 09:00 Flatexdegiro PK on the 1Q figures | Porsche AG PK
• 09:30 DWS | Banco Bilbao Analyst Conference
• 10:00 Lufthansa | Adidas PK
• 10:30 Hochtief AGM
• 11:00 Deutsche Bank | Symrise Analyst Conference
• 11:30 Lufthansa Analyst Conference
• 14:00 Novartis | BP Analyst Conference
• 14:00 Deutsche Börse Analyst and Investor Conference 1Q
• 15:00 Adidas Analyst Conference
• 18:00 ASM International quarterly figures
• 19:00 Telekom Austria quarterly figures
• 22:00 Logitech quarterly figures

• Economic data

08:00 DE: GfK Consumer Climate Indicator May FORECAST: -26.0 points previously: -24.5 points

09:00 DE: ECB Director Cipollone, speech on "Financial and trade fragmentation: risks and policy alternatives"

09:00 ES: GDP (1st release) 1Q FORECAST: +0.6% yoy/+3.1% yoy 4th quarter: +0.8% yoy/+3.4% yoy

09:00 ES: HICP and consumer prices (preliminary) April HICP FORECAST: +2.0% yoy previously: +2.2% yoy

09:40 DE: ECB Banking Supervisor Donnery, speech on the ECB's supervisory priorities for 2025

10:00 EU: ECB, M3 money supply and lending March M3 money supply FORECAST: +4.0% yoy previous: +4.0% yoy | ECB publication of consumer survey results

11:00 EU: Economic Sentiment Index April Eurozone Economic Sentiment Forecast: 94.5 Previous: 95.2 Eurozone Industrial Confidence Forecast: -10.3 Previous: -10.6 Eurozone Consumer Confidence Forecast: -16.7 Previous: -16.7 Previous: -14.5

11:00 EU: Eurozone Business Climate Index April

16:00 US: Consumer Confidence Index April FORECAST: 87.7 previous: 92.9

Slump in the DAX: investors are seeing red

There is a great deal of uncertainty on the stock markets at the moment, and this is being further fueled by US President Trump's aggressive tariff policy. On the last trading day of the week, investors have to accept massive losses in the Dax. Of the 40 companies listed in the leading German index, only two shares were able to record a positive closing price. The remaining 38 stocks experienced double-digit declines in some cases. Deutsche Bank was particularly affected $DBK (-4,14%)which fell by 9.77 percent, and MTU Aero Engines $MTX (+0,69%)whose shares fell by 8.11 percent. Deutsche Börse, Infineon $IFX (+1,57%) and Siemens Energy $SIE (-2%) also suffered losses of more than 7 percent. The Dax itself closed 4.95 percent lower at 20,641.72 points.

Trade war continues to weigh on the markets

Pressure on the markets remains high as uncertainty over trade relations between the USA and China persists. China's announcement that it would impose counter-tariffs on US goods has heightened fears of a full-scale trade war. At times on Friday, the Dax fell by up to 5.6 percent to 20,579 points. The MDax and EuroStoxx50 also suffered significant losses. There were significant declines in the banking sector in particular, which is heavily dependent on economic developments. Deutsche Bank and Commerzbank $CBK recorded losses of up to 12.1 and 9.3 percent respectively. Volatility on the markets is likely to remain high as long as the uncertainty surrounding customs policy persists.

Slight stability at Adidas and Beiersdorf

Despite the general downward trend, there were also some bright spots in the Dax. The shares of Adidas $ADS (-0,49%) were able to maintain their position as the lone frontrunner with a plus of 0.54 percent. Symrise $SY1 (-6,15%) and Beiersdorf $BEI (-0,51%) also remained relatively stable, with Symrise recording a minimal gain of 0.01%, while Beiersdorf fell by 0.37%. Investors are hoping that the negative spiral of tariffs and counter-tariffs can be halted through negotiations, but the uncertainties remain and could continue to weigh on the markets.

Sources:

https://www.n-tv.de/wirtschaft/Das-sind-die-groessten-Verlierer-im-Dax-article25682125.html

https://www.n-tv.de/wirtschaft/Dax-schmiert-ab-US-Zoelle-China-Zoelle-und-jetzt-article25681044.html

At 53 billion euros, the 40 DAX companies are likely to pay out almost one billion euros more this year than a year ago - more than ever before.

The reason for the strong development is high consolidated profits and unexpectedly rising dividends at a good dozen companies, including $ALV (+0,13%) Allianz, $MUV2 (-0,15%) Munich Re and $RHM (+1,27%) Rheinmetall.

At 109 billion euros net profit, the DAX companies are likely to have earned as much in 2024 as in the previous year, according to Handelsblatt calculations. Slump in earnings for the three car manufacturers $BMW (-1,28%) BMW, $MBG (-1,38%) Mercedes and $VOW (-1,23%) VW will be offset by companies in other sectors, in particular the major insurers Allianz, Munich Re and $HNR1 (+0,6%) Hannover Re, but also $DTE (-0,45%) Deutsche Telekom, $HEN (+0,29%) Henkel and $EOAN (-0,45%) Eon.

More than a dozen DAX companies have announced higher dividends than the market had previously expected. For example $ALV (+0,13%) 15.40 euros per share after 13.80 euros in the previous year. Analysts had forecast just under 15 euros. The insurer is thus distributing just under six billion euros. This is a record in the German corporate landscape.

The biggest jump is at $MUV2 (-0,15%) Munich Re: The reinsurer is increasing its dividend by five euros per share to 20 euros.

The two healthcare specialists $FRE (+0,36%) Fresenius and $FME (+0,29%) Fresenius Medical Care, the brand manufacturer $HEN (+0,29%) Henkel, the automotive supplier $BTR Continental, the $CBK (-1,2%) Commerzbank, $RHM (+1,27%) Rheinmetall and $HNR1 (+0,6%) Hannover Re have raised their dividends, in some cases significantly more than expected. This is also due to rising profits, which justify a higher profit share for shareholders.

The largest dividend payers in the DAX are

• $ALV (+0,13%)
• 
  $DTE (-0,45%)
• 
  $MBG (-1,38%)
• 
  $SIE (-2%)
• 
  $VOW (-1,23%)

Like the car manufacturers, a number of companies in the DAX remain below the usual international payout ratios, including the family-run groups $BEI (-0,51%) Beiersdorf and $MRK (-2,22%) Merck. They pass on less than 30 percent of their profits. This leaves enough of a buffer so that dividends do not have to be reduced immediately in more difficult times.

Germany's most valuable group, $SAP (+0,2%) SAP, with a payout ratio of 85%, is pushing the limit: net profit of 3.1 billion euros in the past year compares with a total dividend payout of 2.7 billion euros. However, the profit was burdened by a one-off effect.

So far, a total of 20 companies have increased their dividends, with only $BAS (-2,26%) BASF and the three car manufacturers. Four companies have yet to do so: $RWE (-0,48%) RWE, $SY1 (-6,15%) Symrise and $VNA (+0,08%) Vonovia are likely to increase their dividends, while analysts expect $PAH3 (-1,61%) analysts expect a reduction at Porsche Holding.

Source (excerpt) & chart: Handelsblatt, 15.03.25

The Symrise share $SY1 (-6,15%) is on the road to recovery! 🚀 On Friday, the share price climbed by 1.62% to EUR 98.86, putting it at the top of the DAX. The share price is currently at EUR 97.68 and is thus on its way to breaking away from the recent lows.

One reason for the positive development is the recently announced strategic partnership with the Norwegian company Hofseth BioCare ASA. This collaboration focuses on ingredients from Atlantic salmon that are important for both human health and animal nutrition. Symrise CEO Jean-Yves Parisot emphasizes that this cooperation fits perfectly into the strategy to strengthen the health sector.

Despite the current positive trend, the share is still in the red in 2025. It remains to be seen whether this trend will continue. What do you think about the development of Symrise? Do you think the partnership will take the company forward?

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- EXANE BNP raises the price target for ALLIANZ SE from EUR 271 to EUR 295. Underperform. $ALV (+0,13%)

- BARCLAYS raises the target price for AIRBUS from EUR 166 to EUR 200. Overweight. $AIR (-0,82%)

- UBS raises its price target for SAP from EUR 237 to EUR 283. Buy. $SAP (+0,2%)

- BERENBERG raises the price target for LVMH from EUR 695 to EUR 720. Buy. $MC (-0,23%)

- EXANE BNP raises the target price for MUNICH RE from EUR 550 to EUR 560. Outperform. $MUV2 (-0,15%)

- RBC raises the target price for SIEMENS from EUR 205 to EUR 225. Outperform. $SIE (-2%)

- CITIGROUP raises the price target for STELLANTIS from EUR 12.40 to EUR 13. Neutral. $STLA

- KEPLER CHEUVREUX raises the target price for DOUGLAS from 28.60 EUR to 29.90 EUR. Buy. $DOU (-0,38%)

- CITIGROUP raises the target price for DWS from EUR 43 to EUR 44.70. Buy. $DWS (-0,15%)

- CITIGROUP raises the price target for FRAPORT from EUR 62 to EUR 72. Buy. $FRA (+0,67%)

- UBS upgrades AMADEUS IT from Neutral to Buy and raises target price from EUR 67 to EUR 80. $AMS (+1,88%)

- DEUTSCHE BANK RESEARCH raises target price for PHILIPS from EUR 25 to EUR 26. Hold. $PHIA (-1,11%)

- DEUTSCHE BANK RESEARCH raises the target price for MAN GROUP from GBP 2.65 to GBP 2.75. Buy.

- GOLDMAN raises the target price for RIO TINTO from GBP 67 to GBP 73. Buy. $RIO (-1,33%)

- JEFFERIES raises the price target for SIEMENS ENERGY from EUR 31 to EUR 50. Hold. $ENR (+3,12%)

- RBC raises the target price for SCHNEIDER ELECTRIC from EUR 195 to EUR 210. $SU (-1,46%) Underperform.

- EXANE BNP upgrades HANNOVER RÜCK from Neutral to Outperform and raises target price from EUR 265 to EUR 285. $HNR1 (+0,6%)

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- DEUTSCHE BANK RESEARCH lowers the price target for NOVO NORDISK from DKK 1000 to DKK 900. Buy. $NOVO B (+0,14%)

- BOFA lowers the target price for RWE from EUR 44 to EUR 42. Buy. $RWE (-0,48%)

- JPMORGAN lowers the price target for NETFLIX from USD 1010 to USD 1000. Overweight. $NFLX (+0,65%)

- MORGAN STANLEY lowers the price target for SYMRISE from EUR 137 to EUR 130. Overweight. $SY1 (-6,15%)

- KEPLER CHEUVREUX lowers the target price for REDCARE PHARMACY from EUR 145 to EUR 138. Hold. $RDC (+2,61%)

- WARBURG RESEARCH lowers the target price for BECHTLE from EUR 51 to EUR 45. Buy. $BC8 (+2,26%)

- STIFEL downgrades WACKER CHEMIE from Buy to Hold. $WCH (-2,72%)

- RBC lowers the price target for DAIMLER TRUCK from EUR 55 to EUR 51. Outperform. $DTG (+0,42%)

⬆️⬆️⬆️

- KEPLER CHEUVREUX raises the price target for SAP from EUR 200 to EUR 230. Hold. $SAP (+0,2%)

- UBS upgrades HUGO BOSS from Neutral to Buy and raises target price from EUR 41 to EUR 49. $BOSS (+0,91%)

- BOFA raises the price target for FRAPORT from EUR 55 to EUR 56. Neutral. $FRA (+0,67%)

- UBS raises target price for RICHEMONT from CHF 144 to CHF 150. Buy. $CFR (+0,02%)

- BOFA upgrades HOCHTIEF from Neutral to Buy and raises target price from EUR 112 to EUR 140. $HOT (-0,27%)

- JPMORGAN raises target price for FEDEX from USD 350 to USD 366. Overweight. $FDX (-1,16%)

- JPMORGAN raises the price target for ROCHE from CHF 220 to CHF 230. Underweight. $ROG (-1,66%)

- UBS upgrades BMW from Neutral to Buy and raises target price from EUR 75 to EUR 83. $BMW (-1,28%)

- JEFFERIES raises target price for UNICREDIT from EUR 47 to EUR 49. Buy. $UCG (+0,95%)

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- HAUCK AUFHÄUSER IB lowers the price target for DELIVERY HERO from EUR 61 to EUR 52. Buy. $DHER (+2,36%)

- BARCLAYS lowers the target price for VOLKSWAGEN VORZÜGE from EUR 110 to EUR 100. Overweight. $VOW (-1,23%)

- BARCLAYS lowers the target price for PORSCHE SE from EUR 35 to EUR 30. Underweight. $PAH3 (-1,61%)

- UBS downgrades MERCEDES-BENZ from Buy to Neutral and lowers target price from EUR 72 to EUR 55. $MBG (-1,38%)

- EXANE BNP downgrades HYPOPORT from Outperform to Neutral. $HYQ (+0,25%)

- HAUCK AUFHÄUSER IB lowers the price target for IBU-TEC from EUR 12 to EUR 7.40. Hold. $IBU (+2,33%)

- KEPLER CHEUVREUX downgrades SYMRISE from Buy to Hold and lowers target price from EUR 122 to EUR 114. $SY1 (-6,15%)

- DEUTSCHE BANK RESEARCH lowers the price target for SANOFI from EUR 90 to EUR 85. Sell. $SAN (+0,28%)

- JPMORGAN lowers the price target for CARL ZEISS MEDITEC from EUR 56 to EUR 45. Underweight. $AFX (+0,48%)

- JPMORGAN lowers the price target for SARTORIUS from EUR 290 to EUR 275. Overweight. $SRT (-0,79%)

Analyst updates, 28.11.

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- HAUCK AUFHÄUSER IB raises the price target for ECKERT & ZIEGLER from EUR 55 to EUR 56.50. Buy. $EUZ (+0,55%)

- EXANE BNP raises the target price for FREENET from EUR 30 to EUR 34. Outperform. $FNTN (-0,07%)

- HAUCK AUFHÄUSER IB raises the price target for NORTHERN DATA from EUR 45 to EUR 52. Buy. $NB2 (+0,88%)

- WARBURG RESEARCH raises the price target for PATRIZIA from EUR 9.80 to EUR 9.90. Buy. $PAT (-1,5%)

- DEUTSCHE BANK RESEARCH raises the price target for EASYJET from GBP 6.70 to GBP 7.15. Buy. $EZJ (+0,16%)

- EXANE BNP upgrades TRATON to Outperform. Target price EUR 35. $8TRA (+1,1%)

- JPMORGAN raises the price target for CTS EVENTIM from EUR 101 to EUR 104. Overweight. $EVD (+1,39%)

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- BRYAN GARNIER lowers the price target for LVMH from EUR 800 to EUR 770. Buy. $MC (-0,23%)

- KEPLER CHEUVREUX lowers the price target for PORSCHE SE from EUR 48 to EUR 47. Buy. $PAH3 (-1,61%)

- DEUTSCHE BANK RESEARCH lowers the price target for SYMRISE from EUR 130 to EUR 125. Buy. $SY1 (-6,15%)

- WARBURG RESEARCH lowers the price target for ABO ENERGY from EUR 114 to EUR 110. Buy. $AB9 (+1,58%)

- EXANE BNP lowers the target price for 1&1 from EUR 15 to EUR 12. Neutral. $1U1 (+0,59%)

- EXANE BNP lowers the price target for UNITED INTERNET from EUR 20 to EUR 17. Neutral. $UTDI (-3,02%)

- STIFEL downgrades COMPUGROUP from Buy to Hold and lowers target price from EUR 64 to EUR 18. $COP (-0,42%)

- BARCLAYS lowers the price target for SCHOTT PHARMA from EUR 33 to EUR 27. Equal-Weight. $1SXP (+0%)

- UBS lowers the price target for VESTAS from DKK 245 to DKK 175. Buy. $VWS (-7,45%)

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- GOLDMAN raises the price target for DELL from USD 155 to USD 165. Buy. $DELL (-1,34%)

- GOLDMAN raises the price target for ANALOG DEVICES from USD 247 to USD 261. Buy. $ADI (+1,28%)

- GOLDMAN raises the price target for HP INC from USD 35 to USD 38. Neutral. $HPQ (-1,52%)

- WARBURG RESEARCH raises the price target for VONOVIA from EUR 40.20 to EUR 42.30. Buy. $VNA (+0,08%)

- WARBURG RESEARCH upgrades STRATEC from Hold to Buy. Target price 40 EUR. $SBS4

- DEUTSCHE BANK RESEARCH raises the price target for DEUTSCHE BÖRSE from EUR 235 to EUR 237. Buy. $DB1 (-0,14%)

- MORGAN STANLEY raises the target price for DEUTSCHE TELEKOM from EUR 33 to EUR 38. Overweight. $DTE (-0,45%)

- GOLDMAN raises the price target for TRATON from EUR 31.80 to EUR 35.50. Neutral. $8TRA (+1,1%)

- GOLDMAN raises the price target for BRENNTAG from EUR 94 to EUR 95. Buy. $BNR (-3%)

- BERENBERG upgrades EQUINOR from Hold to Buy and raises target price from NOK 290 to NOK 325. $EQNR (-0,23%)

- JPMORGAN raises the target price for BEIERSDORF from EUR 150 to EUR 160. Overweight. $BEI (-0,51%)

- JPMORGAN upgrades HENKEL from Neutral to Overweight and raises target price from EUR 82 to EUR 100. $HEN (+0,29%)

- JPMORGAN upgrades BRITISH AMERICAN TOBACCO to Neutral. $BATS (+0,5%)

- JPMORGAN raises the price target for EON from EUR 15.50 to EUR 16. Overweight. $EOAN (-0,45%)

- JPMORGAN raises the target price for AUTO1 from EUR 12.10 to EUR 17.10. Overweight. $AG1 (+8,77%)

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- STIFEL lowers the price target for SIEMENS from EUR 207 to EUR 202. Buy. $SIE (-2%)

- JPMORGAN lowers the price target for HP INC from USD 41 to USD 40. Overweight. $HPQ (-1,52%)

- WARBURG RESEARCH lowers the price target for LANXESS from EUR 40 to EUR 37. Buy. $LXS (-2,84%)

- CITIGROUP lowers the price target for BASF from EUR 49 to EUR 46. Neutral. $BAS (-2,26%)

- RBC lowers the target price for COMMERZBANK from EUR 18 to EUR 17.25. Sector Perform. $CBK (-1,2%)

- RBC lowers the target price for ING from EUR 17.50 to EUR 16.75. Sector-Perform. $ING (-1,07%)

- RBC lowers the price target for BNP PARIBAS from EUR 79 to EUR 78. Outperform. $BNP (-0,99%)

- JPMORGAN lowers the price target for ELRINGKLINGER from EUR 6.70 to EUR 6. Neutral. $ELLRY (+2,02%)

- JPMORGAN lowers the price target for SYMRISE from EUR 130 to EUR 120. Overweight. $SY1 (-6,15%)

Analyst updates, 22.11.

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- WARBURG RESEARCH raises the price target for SYMRISE from EUR 115 to EUR 116. Hold. $SY1 (-6,15%)

- HAUCK AUFHÄUSER IB upgrades SECUNET from Hold to Buy and raises target price from EUR 102 to EUR 123. $YSN (+3,29%)

- CITIGROUP raises the price target for ALSTOM from EUR 22 to EUR 26. Buy. $ALO (-0,71%)

- BERENBERG upgrades BRENNTAG from Hold to Buy. Target price EUR 76. $BNR (-3%)

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- WARBURG RESEARCH lowers the price target for PROSIEBENSAT.1 from EUR 8 to EUR 6.50. Hold. $PSM (-0,38%)

- WARBURG RESEARCH lowers the price target for RTL from EUR 40 to EUR 34. Buy. $RTLL (+0,47%)

- LBBW lowers the price target for LANXESS from EUR 29 to EUR 28. Buy. $LXS (-2,84%)

- HAUCK AUFHÄUSER IB lowers the price target for CTS EVENTIM from EUR 107 to EUR 105. Buy. $EVD (+1,39%)

- HAUCK AUFHÄUSER IB lowers the price target for BEFESA from EUR 38 to EUR 35. Buy. $BFSA (-0,5%)

- BERENBERG lowers the target price for RENK from EUR 35 to EUR 33. Buy. $DE000RENK730 (+2,39%)

- UBS lowers target price for RWE from EUR 49 to EUR 45. Buy. $RWE (-0,48%)