Overview
SAP SE, based in Germany, is a global powerhouse in the software industry, particularly renowned for its enterprise resource planning (ERP) software. The company's primary offerings facilitate efficient business operations and customer relations for corporations worldwide, ranging from small businesses to large enterprises. SAP’s key projects often focus on innovations in cloud computing, machine learning, and artificial intelligence, designed to enhance digital transformation strategies of its clients. Additionally, SAP is heavily invested in the Internet of Things (IoT) and advanced analytics, enabling real-time data processing and insights. This aligns with their commitment to streamlining business processes and improving decision-making effectiveness, thereby maintaining their position at the forefront of technological advancement in business management solutions.
Basic Stats
The share price of SAP SE as of 10 July 2025 is € 263,15 / share. The market cap (or net worth) of SAP SE as of 10 July 2025 is € 306.464,49 MM.
The Factor Analysis chart (below right) shows a view of SAP SE from a variety of lenses. Each factor shows how well the company ranks against all other companies in the Fintel global investing universe. Factor scores range from zero to 100, with 100 being most desirable, and 50 being average.
For example, a company with a Value Score of 100 would be the most undervalued company in our database. A company with a Value Score of zero would be the most overvalued.
| Market Cap | 306,464.49 MM |
| EV | 308,979.05 MM |
| Shares Out. | 1,164.60 MM |
| Earnings Date | |
| EPS (TTM) | 4.91 |
| Dividend Yield | 1.73 % |
| Ex-Dividend Date | 2025-05-14 |
| Borrow Rate | 0.53 |
| Short Shares Avail. | 8.00 MM |
| Short Interest | |
| Short Float | |
| Days to Cover | |
| Risk Free Rate | 4.17 % |
| Price Change (1 yr) | |
| Volatility (1 yr) | 0.08 |
| Beta | 1.32 |
| Sharpe Ratio (1 yr) | |
| Sortino Ratio (1 yr) |
| PE Ratio | 53.58 |
| Price/Book | 6.66 |
| Price/TBV | 23.80 |
| Book/Market | 0.15 |
| EBIT/EV | 0.03 |
| EBIT(3yr avg)/EV | 0.02 |
| ROA | 0.08 |
| ROE | 0.14 |
| ROIC | 0.09 |
| CROIC | 0.03 |
| OCROIC | 0.10 |
| Implied Volatility | |
| Put/Call OI Ratio |
| Growth | |
| Profitability | |
| Quality Score | |
| Value Score | |
| Momentum Score | |
| Stability (Low Vol) Score | 96.74 /100 |
| Analyst Sentiment | 35.56 /100 |
| Fund Sentiment | |
| Insider Sentiment | |
| Officer Sentiment | |
| Dividend Score | |
| QVM Score | |
| Piotroski F-SCORE | 6.00 /9 |
Factor Scores range from 0 to 100, with 100 being most desirable. Larger circles are better. In situations where we have no data (e.g. no insider trades), we plot the score at 50 to avoid penalizing companies. However, a company that does not pay dividends will get a Dividend Score of Zero. Additionally, we inverted volatility to create a "stability" metric which is better when higher.
Price Target
The average one-year price target for SAP SE is € 295,06. The forecasts range from a low of € 193,75 to a high of € 416,08. A stock’s price target is the price at which analysts consider it fairly valued with respect to its projected earnings and historical earnings. Analysts typically set price targets that correspond to their buy or sell recommendations.
Update Frequency: Monthly
Stock Upgrades/Downgrades
This card shows analyst upgrades/downgrades for SAP SE. An analyst rating is a classification that gives investors a sense of analyst sentiment about the direction and performance of an equity - usually a stock - over a period of time, typically 12 months.
The standard analyst ratings are generally as follows:
- Buy/Overweight/Outperform - Any of these ratings conveys an analyst’s belief that the stock is likely to outperform a market index (e.g. the S&P 500).
- Hold/Equal-Weight/Market Perform - Any of these ratings conveys an analyst’s belief that the stock is likely to perform in line with a market index.
- Sell/Underweight/Underperform - Any of these ratings suggest that an analyst believes the stock is likely to underperform a market index.
When an analyst upgrades a stock, they are signaling that the company’s fundamentals are being undervalued by investors. It could also mean they believe the market is underestimating the company’s potential. The opposite is true when a stock receives a downgrade.
The average rating of each individual analyst’s rating is the consensus rating for a stock. This gives investors a broader sense of the overall sentiment for that stock.
| Date | Analyst | Prior | Latest Recommendation |
Action |
|---|---|---|---|---|
| 2023-12-19 | BERENBERG | Buy | Buy | Maintains |
| 2023-12-19 | WARBURG RESEARCH GMBH | Hold | Hold | Maintains |
| 2023-12-19 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2023-12-18 | DAY BY DAY | Buy | Buy | Maintains |
| 2023-12-12 | STIFEL EUROPE | Buy | Buy | Maintains |
| 2023-11-27 | HSBC | Buy | Buy | Maintains |
| 2023-11-13 | SOCIETE GENERALE | Buy | Buy | Maintains |
| 2023-10-27 | BNP PARIBAS EXANE | Outperform | Outperform | Maintains |
| 2023-10-23 | METZLER EQUITIES | Buy | Buy | Maintains |
| 2023-10-20 | BANCO SANTANDER | Neutral | Neutral | Maintains |
| 2023-10-20 | DZ BANK | Hold | Hold | Maintains |
| 2023-10-19 | BRYAN GARNIER | Buy | Buy | Maintains |
| 2023-08-28 | HSBC | Buy | Buy | Maintains |
| 2023-08-27 | HSBC | Buy | Buy | Maintains |
| 2023-08-25 | STIFEL EUROPE | Buy | Buy | Maintains |
| 2023-08-24 | STIFEL EUROPE | Buy | Buy | Maintains |
| 2023-08-07 | DAY BY DAY | Buy | Buy | Maintains |
| 2023-08-07 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2023-08-06 | DAY BY DAY | Buy | Buy | Maintains |
| 2023-08-06 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2023-07-31 | SOCIETE GENERALE | Buy | Buy | Maintains |
| 2023-07-30 | SOCIETE GENERALE | Buy | Buy | Maintains |
| 2023-07-25 | BNP PARIBAS EXANE | Outperform | Outperform | Maintains |
| 2023-07-24 | BNP PARIBAS EXANE | Outperform | Outperform | Maintains |
| 2023-07-24 | DZ BANK | Hold | Hold | Maintains |
| 2023-07-23 | DZ BANK | Hold | Hold | Maintains |
| 2023-07-21 | BANCO SANTANDER | Neutral | Neutral | Maintains |
| 2023-07-21 | BERENBERG | Buy | Buy | Maintains |
| 2023-07-21 | WARBURG RESEARCH GMBH | Hold | Hold | Maintains |
| 2023-07-20 | BANCO SANTANDER | Neutral | Neutral | Maintains |
| 2023-07-20 | BERENBERG | Buy | Buy | Maintains |
| 2023-07-20 | WARBURG RESEARCH GMBH | Hold | Hold | Maintains |
| 2023-07-06 | BRYAN GARNIER | Buy | Buy | Maintains |
| 2023-07-05 | BRYAN GARNIER | Buy | Buy | Maintains |
| 2023-06-26 | CRISPIDEA PRIVATE LIMITED | Buy | Buy | Maintains |
| 2023-06-25 | CRISPIDEA PRIVATE LIMITED | Buy | Buy | Maintains |
| 2023-06-01 | STIFEL EUROPE | Buy | Buy | Maintains |
| 2023-05-31 | STIFEL EUROPE | Buy | Buy | Maintains |
| 2023-05-29 | DAY BY DAY | Sell | Buy | Upgrade |
| 2023-05-29 | BNP PARIBAS EXANE | Neutral | Outperform | Upgrade |
| 2023-05-28 | DAY BY DAY | Sell | Buy | Upgrade |
| 2023-05-28 | BNP PARIBAS EXANE | Neutral | Outperform | Upgrade |
| 2023-05-26 | BERENBERG | Buy | Buy | Maintains |
| 2023-05-25 | BERENBERG | Buy | Buy | Maintains |
| 2023-05-22 | LANDESBANK BADEN-WUERTTEMBERG | Buy | Buy | Maintains |
| 2023-05-22 | HSBC | Buy | Buy | Maintains |
| 2023-05-21 | LANDESBANK BADEN-WUERTTEMBERG | Buy | Buy | Maintains |
| 2023-05-21 | HSBC | Buy | Buy | Maintains |
| 2023-05-19 | DZ BANK | Buy | Hold | Downgrade |
| 2023-05-18 | DZ BANK | Buy | Hold | Downgrade |
| 2023-05-17 | BANCO SANTANDER | Underperform | Neutral | Upgrade |
| 2023-01-31 | CREDIT SUISSE - EUROPE | Outperform | Outperform | Maintains |
| 2023-01-30 | DZ BANK | Buy | Hold | Downgrade |
| 2023-01-26 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2023-01-25 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2022-10-25 | WARBURG RESEARCH GMBH | Buy | Buy | Maintains |
| 2022-10-24 | WARBURG RESEARCH GMBH | Buy | Buy | Maintains |
| 2022-07-18 | JYSKE BANK | Buy | Buy | Maintains |
| 2022-07-17 | JYSKE BANK | Buy | Buy | Maintains |
| 2022-06-23 | BNP PARIBAS EXANE | Neutral | Outperform | Upgrade |
| 2022-06-22 | BNP PARIBAS EXANE | Neutral | Outperform | Upgrade |
| 2022-06-20 | DAY BY DAY | Buy | Sell | Downgrade |
| 2022-06-19 | DAY BY DAY | Buy | Sell | Downgrade |
| 2022-05-13 | REDBURN LIMITED | Neutral | Neutral | Maintains |
| 2022-05-12 | REDBURN LIMITED | Neutral | Neutral | Maintains |
| 2022-04-25 | METZLER EQUITIES | Hold | Buy | Upgrade |
| 2022-04-25 | BANCO SANTANDER | Underweight | Underperform | Maintains |
| 2022-04-24 | BANCO SANTANDER | Underweight | Underperform | Maintains |
| 2022-04-24 | METZLER EQUITIES | Hold | Buy | Upgrade |
| 2022-03-31 | BERENBERG | Buy | Buy | Maintains |
| 2022-03-30 | BERENBERG | Buy | Buy | Maintains |
| 2022-03-30 | NORD/LB | Buy | Hold | Downgrade |
| 2022-03-30 | NORD/LB | Hold | Hold | Maintains |
| 2022-03-29 | NORD/LB | Hold | Hold | Maintains |
| 2022-03-21 | CRISPIDEA PRIVATE LIMITED | Buy | Buy | Maintains |
| 2022-03-20 | CRISPIDEA PRIVATE LIMITED | Buy | Buy | Maintains |
| 2022-01-14 | BANCO SANTANDER | Underweight | Underweight | Maintains |
| 2022-01-13 | BANCO SANTANDER | Underweight | Underweight | Maintains |
| 2021-12-08 | Morgan Stanley | Overweight | Overweight | Initiate |
| 2021-10-21 | OPPENHEIMER & CO., INC. | Outperform | Outperform | Maintains |
| 2021-10-20 | OPPENHEIMER & CO., INC. | Outperform | Outperform | Maintains |
| 2021-10-01 | DAY BY DAY | Buy | Buy | Maintains |
| 2021-09-30 | DAY BY DAY | Buy | Buy | Maintains |
| 2021-08-23 | HSBC | Buy | Buy | Maintains |
| 2023-05-17 | SOCIETE GENERALE | Buy | Buy | Maintains |
| 2023-05-17 | WARBURG RESEARCH GMBH | Buy | Hold | Downgrade |
| 2023-05-17 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2023-05-16 | BANCO SANTANDER | Underperform | Neutral | Upgrade |
| 2023-05-16 | SOCIETE GENERALE | Buy | Buy | Maintains |
| 2023-05-16 | WARBURG RESEARCH GMBH | Buy | Hold | Downgrade |
| 2023-05-16 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2023-04-24 | BRYAN GARNIER | Buy | Buy | Maintains |
| 2023-04-23 | BRYAN GARNIER | Buy | Buy | Maintains |
| 2023-04-12 | STIFEL EUROPE | Buy | Buy | Maintains |
| 2023-04-11 | BNP PARIBAS EXANE | Neutral | Outperform | Upgrade |
| 2023-04-06 | BERENBERG | Buy | Buy | Maintains |
| 2023-03-29 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2023-03-27 | HSBC | Buy | Buy | Maintains |
| 2023-03-14 | BRYAN GARNIER | Buy | Buy | Maintains |
| 2023-03-14 | WARBURG RESEARCH GMBH | Buy | Hold | Downgrade |
| 2023-03-13 | SOCIETE GENERALE | Buy | Buy | Maintains |
| 2023-02-23 | BANCO SANTANDER | Underperform | Neutral | Upgrade |
| 2023-02-17 | CRISPIDEA PRIVATE LIMITED | Buy | Buy | Maintains |
| 2023-02-16 | CRISPIDEA PRIVATE LIMITED | Buy | Buy | Maintains |
| 2023-02-10 | ANALISIS BANCO SABADELL | Sell | Buy | Upgrade |
| 2023-02-10 | ANALISIS BANCO SABADELL | Buy | Buy | Maintains |
| 2023-02-09 | ANALISIS BANCO SABADELL | Buy | Buy | Maintains |
| 2023-02-09 | LANDESBANK BADEN-WUERTTEMBERG | Buy | Buy | Maintains |
| 2023-02-02 | BNP PARIBAS EXANE | Outperform | Neutral | Downgrade |
| 2023-02-01 | BNP PARIBAS EXANE | Outperform | Neutral | Downgrade |
| 2023-02-01 | CREDIT SUISSE - EUROPE | Outperform | Outperform | Maintains |
| 2021-08-22 | HSBC | Buy | Buy | Maintains |
| 2021-07-13 | Barclays | €142.00 | Initiate | |
| 2021-06-17 | COMMERZBANK CORPORATE CLIENTS | Buy | Buy | Maintains |
| 2021-06-16 | COMMERZBANK CORPORATE CLIENTS | Buy | Buy | Maintains |
| 2021-06-16 | ODDO BHF | Buy | Buy | Maintains |
| 2021-06-16 | Goldman Sachs | Buy | Initiate | |
| 2021-06-15 | ODDO BHF | Buy | Buy | Maintains |
| 2021-06-11 | UBS | Neutral | Initiate | |
| 2021-06-03 | Warburg Research | Buy | Initiate | |
| 2021-06-03 | JPMorgan Chase | Neutral | Initiate | |
| 2021-06-03 | Nord/LB | Neutral | Initiate | |
| 2021-06-02 | Jefferies | Buy | Initiate | |
| 2021-06-02 | Baader Bank | Buy | Initiate | |
| 2021-04-28 | Baader Bank | Buy | Initiate | |
| 2021-04-26 | UBS | Neutral | Initiate | |
| 2021-04-23 | Berenberg Bank | Buy | Initiate | |
| 2021-04-23 | Deutsche Bank | Buy | Initiate | |
| 2021-04-20 | DZ BANK | Buy | Buy | Maintains |
| 2021-04-20 | UBS | Neutral | Initiate | |
| 2021-04-19 | DZ BANK | Buy | Buy | Maintains |
| 2021-04-15 | Independent Research GmbH | Buy | Initiate | |
| 2021-04-14 | Nord/LB | Neutral | Initiate | |
| 2021-04-14 | Berenberg Bank | Buy | Initiate | |
| 2021-04-14 | Warburg Research | Buy | Initiate | |
| 2021-04-09 | BNP PARIBAS EXANE | Neutral | Neutral | Maintains |
| 2021-04-08 | BNP PARIBAS EXANE | Neutral | Neutral | Maintains |
| 2021-04-07 | Baader Bank | Buy | Initiate | |
| 2021-03-25 | CREDIT SUISSE - EUROPE | Outperform | Outperform | Maintains |
| 2021-03-25 | Credit Suisse | Buy | Initiate | |
| 2021-03-24 | CREDIT SUISSE - EUROPE | Outperform | Outperform | Maintains |
| 2021-03-23 | NORD/LB | Buy | Buy | Maintains |
| 2021-03-22 | METZLER EQUITIES | Hold | Hold | Maintains |
| 2021-03-21 | METZLER EQUITIES | Hold | Hold | Maintains |
| 2021-03-19 | ANALISIS BANCO SABADELL | Sell | Sell | Maintains |
| 2021-03-12 | UBS | Neutral | Initiate | |
| 2021-01-07 | Barclays | Overweight | Maintains | |
| 2020-11-06 | Citigroup | Buy | Neutral | Downgrade |
| 2020-10-27 | Kepler Cheuvreux | Neutral | Initiate | |
| 2020-10-27 | BMO Capital | Market Perform | Maintains | |
| 2020-10-26 | Nord/LB | Buy | Initiate | |
| 2020-10-26 | Exane BNP Paribas | Outperform | Neutral | Downgrade |
| 2020-09-21 | Baader Bank | Buy | Initiate | |
| 2020-09-11 | JPMorgan Chase | Buy | Initiate | |
| 2020-07-28 | Independent Research GmbH | Buy | Initiate | |
| 2020-07-28 | Berenberg Bank | Buy | Initiate | |
| 2020-07-28 | RBC Capital | Sector Perform | Maintains | |
| 2020-07-27 | Credit Suisse | Buy | Initiate | |
| 2020-07-27 | Sanford Bernstein | Buy | Initiate | |
| 2020-07-20 | Independent Research GmbH | Buy | Initiate | |
| 2020-07-20 | Barclays | Overweight | Maintains | |
| 2020-07-15 | Goldman Sachs | Buy | Initiate | |
| 2020-07-10 | Deutsche Bank | Buy | Initiate | |
| 2020-07-10 | Barclays | Buy | Initiate | |
| 2020-07-09 | RBC Capital | Sector Perform | Maintains | |
| 2020-07-08 | UBS | Buy | Initiate | |
| 2020-07-08 | Goldman Sachs | Buy | Initiate | |
| 2020-06-16 | Credit Suisse | Buy | Initiate | |
| 2020-06-15 | Jefferies | Buy | Initiate | |
| 2020-06-09 | Sanford Bernstein | Buy | Initiate | |
| 2020-04-22 | Berenberg Bank | Buy | Initiate | |
| 2020-04-22 | BMO Capital | Market Perform | Maintains | |
| 2020-04-22 | RBC Capital | Outperform | Sector Perform | Downgrade |
| 2020-04-14 | Independent Research GmbH | Buy | Initiate | |
| 2020-04-14 | HSBC | Buy | Initiate | |
| 2020-04-14 | Deutsche Bank | Buy | Initiate | |
| 2020-04-13 | RBC Capital | Buy | Initiate | |
| 2020-04-13 | BMO Capital | Market Perform | Maintains | |
| 2020-04-09 | Jefferies | Buy | Initiate | |
| 2020-04-09 | Nord/LB | Buy | Initiate | |
| 2020-04-09 | Goldman Sachs | Buy | Initiate | |
| 2020-04-08 | JPMorgan Chase | Buy | Initiate | |
| 2020-04-07 | UBS | Buy | Initiate | |
| 2020-04-06 | Credit Suisse | Buy | Initiate | |
| 2020-04-06 | RBC Capital | Buy | Initiate | |
| 2020-04-02 | Berenberg Bank | Buy | Initiate | |
| 2020-04-01 | Sanford Bernstein | Buy | Initiate | |
| 2020-03-27 | Oddo Bhf | Buy | Initiate | |
| 2020-03-26 | Jefferies | Buy | Initiate | |
| 2020-03-25 | Kepler Cheuvreux | Neutral | Initiate | |
| 2020-03-25 | Barclays | Buy | Initiate | |
| 2020-03-20 | Morgan Stanley | Buy | Initiate | |
| 2020-03-17 | Oppenheimer | Outperform | Maintains | |
| 2020-03-10 | Independent Research GmbH | Buy | Initiate | |
| 2020-02-25 | Barclays | Buy | Initiate | |
| 2020-02-03 | Baader Bank | Buy | Initiate | |
| 2020-01-29 | Deutsche Bank | Neutral | Initiate | |
| 2020-01-29 | Nord/LB | Buy | Initiate | |
| 2020-01-29 | RBC Capital | Outperform | Maintains | |
| 2020-01-28 | RBC Capital | Buy | Initiate | |
| 2020-01-28 | Independent Research GmbH | Neutral | Initiate | |
| 2020-01-28 | Bryan, Garnier & Co | Buy | Initiate | |
| 2020-01-28 | Commerzbank | Buy | Initiate | |
| 2020-01-28 | Jefferies | Buy | Initiate | |
| 2020-01-24 | Goldman Sachs | Buy | Initiate | |
| 2020-01-13 | JPMorgan Chase | Buy | Initiate | |
| 2020-01-10 | Baader Bank | Buy | Initiate | |
| 2020-01-10 | Barclays | Buy | Initiate | |
| 2020-01-09 | UBS | Neutral | Initiate | |
| 2019-12-17 | Bank of America | Sell | Initiate | |
| 2019-12-12 | Morgan Stanley | Neutral | Initiate | |
| 2019-11-13 | Sanford Bernstein | Buy | Initiate | |
| 2019-11-13 | Jefferies | Buy | Initiate | |
| 2019-11-13 | Credit Suisse | Buy | Initiate | |
| 2019-11-13 | Warburg Research | Buy | Initiate | |
| 2019-11-13 | Kepler Capital Markets | Neutral | Initiate | |
| 2019-11-13 | Berenberg Bank | Buy | Initiate | |
| 2019-11-13 | Societe Generale | Buy | Initiate | |
| 2019-11-13 | Oppenheimer | Outperform | Maintains | |
| 2019-11-08 | Independent Research GmbH | Neutral | Initiate | |
| 2019-11-05 | Jefferies | Buy | Initiate | |
| 2019-11-05 | JPMorgan Chase | Buy | Initiate | |
| 2019-11-05 | UBS | Neutral | Initiate | |
| 2019-11-05 | Goldman Sachs | Buy | Initiate | |
| 2019-11-05 | Baader Bank | Neutral | Initiate | |
| 2019-07-19 | Deutsche Bank | Buy | Hold | Downgrade |
| 2019-07-19 | Barclays | Overweight | Maintains | |
| 2019-04-29 | RBC Capital | Sector Perform | Outperform | Upgrade |
| 2019-04-25 | JMP Securities | Market Outperform | Market Outperform | Maintains |
| 2019-04-09 | HSBC | Buy | Hold | Downgrade |
| 2019-04-09 | UBS | Buy | Neutral | Downgrade |
| 2019-02-04 | Bank of America | Buy | Neutral | Downgrade |
| 2018-10-19 | Barclays | Overweight | Overweight | Maintains |
| 2018-07-20 | Barclays | Overweight | Overweight | Maintains |
| 2018-07-18 | Oppenheimer | Outperform | Outperform | Maintains |
| 2018-06-01 | Jefferies | Buy | Initiate | |
| 2018-04-25 | Barclays | Overweight | Overweight | Maintains |
| 2018-03-12 | Evercore ISI Group | In-Line | Outperform | Upgrade |
| 2018-03-01 | Stifel Nicolaus | Sell | Sell | Maintains |
| 2018-01-12 | Cowen & Co. | Outperform | Market Weight | Downgrade |
| 2017-10-23 | Argus | Buy | Maintains | |
| 2017-08-23 | Berenberg | Buy | Initiate | |
| 2017-03-02 | Societe Generale | Hold | Buy | Upgrade |
| 2017-01-19 | Goldman Sachs | Buy | Buy | Maintains |
| 2016-06-13 | Jefferies | Hold | Underperform | Downgrade |
| 2016-06-01 | Evercore ISI Group | Buy | Hold | Downgrade |
| 2016-04-12 | Berenberg | Hold | Buy | Upgrade |
| 2016-01-26 | Argus | Buy | Maintains | |
| 2016-01-08 | BMO Capital | Market Perform | Initiate | |
| 2016-01-06 | Barclays | Overweight | Maintains | |
| 2015-10-21 | Jefferies | Hold | Maintains | |
| 2015-10-14 | HSBC | Hold | Buy | Upgrade |
| 2015-09-15 | JP Morgan | Neutral | Overweight | Upgrade |
| 2015-07-22 | Barclays | Overweight | Maintains | |
| 2015-07-07 | UBS | Neutral | Buy | Upgrade |
| 2015-06-19 | Barclays | Overweight | Maintains | |
| 2015-06-04 | Oppenheimer | Outperform | Maintains | |
| 2015-05-26 | Cowen & Co. | Market Perform | Initiate | |
| 2015-04-22 | Jefferies | Hold | Maintains | |
| 2015-04-22 | Susquehanna | Neutral | Maintains | |
| 2015-04-22 | Bank of America | Neutral | Buy | Upgrade |
| 2015-04-08 | Barclays | Overweight | Maintains | |
| 2015-04-06 | Wells Fargo | Market Perform | Underperform | Downgrade |
| 2015-01-21 | Barclays | Overweight | Maintains | |
| 2015-01-08 | Evercore ISI Group | Hold | Buy | Upgrade |
| 2015-01-06 | Bank of America | Buy | Neutral | Downgrade |
| 2014-12-08 | Jefferies | Hold | Maintains | |
| 2014-11-21 | Jefferies | Hold | Initiate | |
| 2014-10-21 | Barclays | Overweight | Maintains | |
| 2014-10-21 | FBR Capital | Market Perform | Maintains | |
| 2014-09-16 | RBC Capital | Sector Perform | Initiate | |
| 2014-07-18 | FBR Capital | Market Perform | Maintains | |
| 2014-01-22 | William Blair | Outperform | Market Perform | Downgrade |
| 2014-01-22 | Bankhaus Metzler | Buy | Sell | Downgrade |
| 2014-01-08 | UBS | Neutral | Buy | Upgrade |
| 2013-10-22 | Jefferies | Hold | Maintains | |
| 2013-10-21 | Commerzbank | Add | Buy | Upgrade |
| 2013-10-21 | WGZ Bank | Hold | Buy | Upgrade |
| 2013-09-30 | Warburg Research | Buy | Hold | Downgrade |
| 2013-09-18 | Commerzbank | Hold | Add | Upgrade |
| 2013-09-11 | Santander | Underweight | Hold | Upgrade |
| 2013-08-28 | Mainfirst | Outperform | Initiate | |
| 2013-04-22 | Baader Bank | Hold | Buy | Upgrade |
| 2013-04-22 | Jefferies | Hold | Maintains | |
| 2013-03-07 | HSBC | Neutral | Overweight | Upgrade |
| 2013-03-06 | BMO Capital | Market Perform | Maintains | |
| 2013-01-23 | National Bank Financial | Hold | Buy | Upgrade |
| 2013-01-17 | Citigroup | Buy | Neutral | Downgrade |
| 2013-01-14 | Jefferies | Hold | Maintains | |
| 2013-01-07 | UBS | Buy | Neutral | Downgrade |
| 2012-12-14 | Janney Capital | Buy | Initiate | |
| 2012-10-26 | Bank of America | Neutral | Buy | Upgrade |
| 2012-10-10 | Barclays | Overweight | Equal-Weight | Downgrade |
| 2012-07-25 | Jefferies | Hold | Maintains | |
| 2012-06-05 | BMO Capital | Market Perform | Maintains | |
| 2012-03-15 | BMO Capital | Market Perform | Maintains | |
| 2024-08-05 | BNP PARIBAS EXANE | Outperform | Outperform | Maintains |
| 2024-08-01 | NYKREDIT MARKETS | Buy | Buy | Maintains |
| 2024-07-29 | KEYBANC CAPITAL MARKETS INC. | Overweight | Overweight | Maintains |
| 2024-07-28 | STIFEL EUROPE | Buy | Buy | Maintains |
| 2024-07-23 | LANDESBANK BADEN-WUERTTEMBERG | Hold | Buy | Upgrade |
| 2024-07-23 | METZLER EQUITIES | Buy | Buy | Maintains |
| 2024-07-23 | DZ BANK | Hold | Hold | Maintains |
| 2024-07-22 | TD COWEN | Hold | Hold | Maintains |
| 2024-07-22 | JMP SECURITIES | Outperform | Outperform | Maintains |
| 2024-07-22 | BANCO SANTANDER | Neutral | Underperform | Downgrade |
| 2024-07-22 | BERENBERG | Buy | Buy | Maintains |
| 2024-07-22 | WARBURG RESEARCH GMBH | Hold | Hold | Maintains |
| 2024-07-22 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2024-06-16 | CRISPIDEA PRIVATE LIMITED | Buy | Buy | Maintains |
| 2024-06-10 | DAY BY DAY | Buy | Buy | Maintains |
| 2024-05-26 | HSBC | Buy | Buy | Maintains |
| 2024-02-29 | SOCIETE GENERALE | Buy | Buy | Maintains |
| 2024-02-25 | LANDESBANK BADEN-WUERTTEMBERG | Buy | Hold | Downgrade |
| 2023-12-18 | BERENBERG | Buy | Buy | Maintains |
| 2023-12-18 | WARBURG RESEARCH GMBH | Hold | Hold | Maintains |
| 2023-12-18 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2023-12-17 | DAY BY DAY | Buy | Buy | Maintains |
| 2023-12-11 | STIFEL EUROPE | Buy | Buy | Maintains |
| 2023-11-26 | HSBC | Buy | Buy | Maintains |
| 2023-11-12 | SOCIETE GENERALE | Buy | Buy | Maintains |
| 2023-10-26 | BNP PARIBAS EXANE | Outperform | Outperform | Maintains |
| 2023-10-22 | METZLER EQUITIES | Buy | Buy | Maintains |
| 2023-10-19 | BANCO SANTANDER | Neutral | Neutral | Maintains |
| 2023-10-19 | DZ BANK | Hold | Hold | Maintains |
| 2023-10-18 | BRYAN GARNIER | Buy | Buy | Maintains |
| 2025-02-03 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2025-01-30 | NYKREDIT MARKETS | Buy | Buy | Maintains |
| 2025-01-29 | LANDESBANK BADEN-WUERTTEMBERG | Buy | Buy | Maintains |
| 2025-01-28 | BANCO SANTANDER | Underperform | Underperform | Maintains |
| 2025-01-27 | KEYBANC CAPITAL MARKETS INC. | Overweight | Overweight | Maintains |
| 2025-01-03 | METZLER EQUITIES | Buy | Buy | Maintains |
| 2024-12-18 | LANDESBANK BADEN-WUERTTEMBERG | Buy | Buy | Maintains |
| 2024-12-15 | TD COWEN | Hold | Hold | Maintains |
| 2024-12-09 | STIFEL EUROPE | Buy | Buy | Maintains |
| 2024-12-09 | WARBURG RESEARCH GMBH | Hold | Hold | Maintains |
| 2024-11-24 | CITIZENS JMP | Outperform | Outperform | Maintains |
| 2024-11-24 | HSBC | Buy | Buy | Maintains |
| 2024-11-03 | BNP PARIBAS EXANE | Outperform | Outperform | Maintains |
| 2024-10-24 | NYKREDIT MARKETS | Buy | Buy | Maintains |
| 2024-10-23 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2024-10-22 | CHINA INTERNATIONAL CAPITAL CORPORATION LIMITED | Outperform | Outperform | Maintains |
| 2024-10-22 | BERENBERG | Buy | Buy | Maintains |
| 2024-10-22 | DZ BANK | Hold | Hold | Maintains |
| 2024-10-21 | KEYBANC CAPITAL MARKETS INC. | Overweight | Overweight | Maintains |
| 2024-10-21 | BANCO SANTANDER | Underperform | Underperform | Maintains |
| 2025-04-02 | JEFFERIES | Buy | Buy | Maintains |
| 2025-04-02 | CHINA INTERNATIONAL CAPITAL CORPORATION LIMITED | Outperform | Outperform | Maintains |
| 2025-03-31 | BERENBERG | Buy | Buy | Maintains |
| 2025-03-23 | HSBC | Buy | Hold | Downgrade |
| 2025-03-21 | REDBURN ATLANTIC | Buy | Buy | Maintains |
| 2025-03-13 | TD COWEN | Hold | Buy | Upgrade |
| 2025-03-10 | STIFEL EUROPE | Buy | Buy | Maintains |
| 2025-03-05 | DZ BANK | Hold | Hold | Maintains |
| 2025-02-27 | METZLER EQUITIES | Buy | Buy | Maintains |
| 2025-02-17 | CITIZENS | Outperform | Outperform | Maintains |
| 2025-02-13 | DAY BY DAY | Buy | Buy | Maintains |
| 2025-02-06 | WARBURG RESEARCH GMBH | Hold | Hold | Maintains |
| 2025-07-16 | TD COWEN | Buy | Buy | Maintains |
| 2025-07-14 | WELLS FARGO SECURITIES, LLC | Overweight | Overweight | Maintains |
| 2025-07-14 | BANCO SANTANDER | Underperform | Underperform | Maintains |
| 2025-07-09 | PIPER SANDLER COMPANIES | Overweight | Overweight | Maintains |
| 2025-06-30 | BERENBERG | Buy | Buy | Maintains |
| 2025-06-30 | BAADER HELVEA EQUITY RESEARCH | Buy | Buy | Maintains |
| 2025-06-29 | CHINA INTERNATIONAL CAPITAL CORPORATION LIMITED | Outperform | Outperform | Maintains |
| 2025-06-23 | JEFFERIES | Buy | Buy | Maintains |
| 2025-06-12 | ANALISIS BANCO SABADELL | Buy | Underweight | Downgrade |
| 2025-06-12 | WARBURG RESEARCH GMBH | Hold | Buy | Upgrade |
| 2025-06-01 | DAY BY DAY | Buy | Buy | Maintains |
| 2025-05-29 | METZLER EQUITIES | Buy | Buy | Maintains |
| 2025-05-25 | HSBC | Hold | Hold | Maintains |
| 2025-05-22 | CITIZENS | Outperform | Outperform | Maintains |
| 2025-05-20 | KEYBANC CAPITAL MARKETS INC. | Overweight | Overweight | Maintains |
| 2025-04-30 | ROTHSCHILD & CO REDBURN | Buy | Buy | Maintains |
| 2025-04-29 | LANDESBANK BADEN-WUERTTEMBERG | Buy | Buy | Maintains |
| 2025-04-22 | STIFEL EUROPE | Buy | Buy | Maintains |
