Overview
BT Group plc, based in the United Kingdom, operates primarily in the telecommunications industry. As one of the largest providers of telecommunications services globally, BT Group offers a range of solutions including broadband, voice, and mobile services, primarily catered to customers in the UK and also around the world. Key projects for the group involve substantial investments in digital infrastructure, notably its ambitious rollout of fiber broadband across the UK aimed at enhancing the country's connectivity. Additionally, BT Group has been actively involved in advancing 5G technology, focusing on expanding network coverage and improving the quality of service. These strategic initiatives are integral to the company's goal of leading the digital transformation in telecommunications, ensuring long-term sustainable growth.
Basic Stats
The share price of BT Group plc as of 15 February 2024 is 106.30 GBX / share. The market cap (or net worth) of BT Group plc as of 5 September 2025 is 10,458.89 GBX MM.
The Factor Analysis chart (below right) shows a view of BT Group plc 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 | 10,458.89 MM |
| EV | 29,004.89 MM |
| Shares Out. | 9,839.03 MM |
| Earnings Date | |
| EPS (TTM) | 0.11 |
| Dividend Yield | |
| Ex-Dividend Date | 2025-08-07 |
| Borrow Rate | 0.55 |
| Short Shares Avail. | 10.00 MM |
| Short Interest | |
| Short Float | |
| Days to Cover | |
| Risk Free Rate | 4.17 % |
| Price Change (1 yr) | |
| Volatility (1 yr) | |
| Beta | |
| Sharpe Ratio (1 yr) | |
| Sortino Ratio (1 yr) |
| PE Ratio | 9.92 |
| Price/Book | 0.81 |
| Price/TBV | 22.02 |
| Book/Market | 1.23 |
| EBIT/EV | 0.05 |
| EBIT(3yr avg)/EV | 0.05 |
| ROA | 0.02 |
| ROE | 0.08 |
| ROIC | 0.03 |
| CROIC | -0.00 |
| OCROIC | 0.19 |
| Implied Volatility | |
| Put/Call OI Ratio |
| Growth | 33.17 /100 |
| Profitability | 58.04 /100 |
| Quality Score | 81.26 /100 |
| Value Score | 66.47 /100 |
| Momentum Score | |
| Stability (Low Vol) Score | |
| Analyst Sentiment | 60.31 /100 |
| Fund Sentiment | 79.02 /100 |
| Insider Sentiment | |
| Officer Sentiment | |
| Dividend Score | |
| QVM Score | |
| Piotroski F-SCORE | 8.00 /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 BT Group plc is 207.06 GBX. The forecasts range from a low of 136.35 GBX to a high of 327.60 GBX. 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 BT Group plc. 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 |
|---|---|---|---|---|
| 2022-10-10 | Deutsche | Hold | Reiterate | |
| 2022-09-13 | Deutsche | Hold | Upgrade | |
| 2022-09-06 | Berenberg Bank | Hold | Downgrade | |
| 2022-08-02 | Barclays | Overweight | Reiterate | |
| 2021-06-24 | Berenberg Bank | Hold | Reiterate | |
| 2021-06-23 | Barclays | Overweight | Reiterate | |
| 2021-06-11 | Citigroup | Neutral | Reiterate | |
| 2021-06-03 | Deutsche Bank | Sell | Downgrade | |
| 2021-06-02 | Citigroup | Neutral | Reiterate | |
| 2021-05-19 | Berenberg Bank | Hold | Downgrade | |
| 2021-05-17 | Numis | Reduce | Upgrade | |
| 2021-05-14 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2021-05-14 | Credit Suisse | Outperform | Reiterate | |
| 2021-05-14 | Barclays | Overweight | Reiterate | |
| 2021-05-13 | Numis | Sell | Reiterate | |
| 2021-05-06 | Barclays | Overweight | Reiterate | |
| 2021-04-23 | Berenberg Bank | Buy | Reiterate | |
| 2021-04-16 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2021-03-29 | Morgan Stanley | Overweight | Upgrade | |
| 2021-03-18 | Numis | Sell | Reiterate | |
| 2021-03-06 | Credit Suisse | Outperform | Reiterate | |
| 2021-02-15 | Berenberg Bank | Buy | Reiterate | |
| 2021-02-05 | Barclays | Overweight | Reiterate | |
| 2021-01-18 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2021-01-14 | Barclays | Overweight | Reiterate | |
| 2020-09-28 | Credit Suisse | Outperform | Reiterate | |
| 2020-09-08 | Barclays | Equal-Weight | Overweight | Upgrade |
| 2022-07-29 | Berenberg Bank | Buy | Reiterate | |
| 2022-07-18 | Barclays | Overweight | Reiterate | |
| 2022-07-13 | JP Morgan Cazenove | Top Pick | Reiterate | |
| 2022-07-06 | Barclays | Overweight | Reiterate | |
| 2022-07-04 | Citigroup | Neutral | Reiterate | |
| 2022-06-29 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2022-06-29 | Berenberg Bank | Buy | Initiate | |
| 2022-06-22 | Berenberg Bank | Buy | Reiterate | |
| 2022-06-01 | Deutsche | Sell | Reiterate | |
| 2022-05-24 | Barclays | Overweight | Reiterate | |
| 2022-05-18 | Citigroup | Neutral | Reiterate | |
| 2022-05-18 | Berenberg Bank | Buy | Reiterate | |
| 2022-05-13 | Deutsche | Sell | Reiterate | |
| 2022-05-11 | Morgan Stanley | Overweight | Reiterate | |
| 2022-12-19 | Deutsche | Hold | Reiterate | |
| 2022-12-15 | Barclays | Overweight | Reiterate | |
| 2022-12-02 | Citigroup | Neutral | Reiterate | |
| 2022-12-01 | Berenberg Bank | Hold | Reiterate | |
| 2022-11-29 | Barclays | Overweight | Reiterate | |
| 2022-11-25 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2022-11-15 | Barclays | Overweight | Reiterate | |
| 2022-11-04 | Berenberg Bank | Hold | Reiterate | |
| 2022-11-01 | Deutsche | Hold | Reiterate | |
| 2022-10-31 | Barclays | Overweight | Reiterate | |
| 2022-05-09 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2022-04-26 | Morgan Stanley | Overweight | Reiterate | |
| 2019-05-28 | Numis | Buy | Reiterate | |
| 2019-05-21 | Berenberg Bank | Hold | Reiterate | |
| 2019-05-20 | Numis | Buy | Reiterate | |
| 2019-05-10 | Deutsche Bank | Hold | Reiterate | |
| 2019-05-10 | Barclays | Equal-weight | Reiterate | |
| 2019-05-07 | Numis | Buy | Reiterate | |
| 2019-05-07 | Jefferies | Buy | Reiterate | |
| 2019-05-01 | Berenberg Bank | Hold | Reiterate | |
| 2019-04-30 | Morgan Stanley | Equal-weight | Reiterate | |
| 2019-04-29 | Numis | Buy | Reiterate | |
| 2019-03-27 | Numis | Buy | Reiterate | |
| 2019-02-26 | Berenberg | Buy | Hold | Downgrade |
| 2019-02-25 | Berenberg Bank | Hold | Downgrade | |
| 2019-02-15 | Jefferies | Buy | Reiterate | |
| 2019-02-04 | Numis | Buy | Reiterate | |
| 2019-02-04 | Deutsche Bank | Hold | Reiterate | |
| 2019-01-31 | Bank of America | Buy | Neutral | Downgrade |
| 2019-01-29 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2019-01-22 | Barclays | Equal-weight | Reiterate | |
| 2019-01-21 | Berenberg Bank | Buy | Reiterate | |
| 2019-01-03 | Deutsche Bank | Hold | Reiterate | |
| 2018-12-17 | UBS | Neutral | Reiterate | |
| 2018-12-17 | Barclays | Equal-weight | Reiterate | |
| 2018-12-04 | Goldman Sachs | Neutral | Buy | Upgrade |
| 2018-11-22 | Berenberg Bank | Buy | Reiterate | |
| 2018-11-09 | Macquarie | Outperform | Reiterate | |
| 2018-11-09 | Barclays | Equal-weight | Reiterate | |
| 2018-11-07 | RBC Capital Markets | Sector Perform | Reiterate | |
| 2018-11-05 | Numis | Buy | Reiterate | |
| 2018-10-30 | Jefferies | Buy | Reiterate | |
| 2018-10-15 | Numis | Buy | Reiterate | |
| 2018-10-09 | Morgan Stanley | Equal-weight | Reiterate | |
| 2018-08-06 | Deutsche Bank | Hold | Reiterate | |
| 2018-07-27 | RBC Capital Markets | Sector Perform | Reiterate | |
| 2018-06-25 | Numis | Buy | Reiterate | |
| 2018-06-15 | Credit Suisse | Neutral | Reiterate | |
| 2018-06-11 | Deutsche Bank | Hold | Reiterate | |
| 2018-05-18 | Morgan Stanley | Equal-weight | Reiterate | |
| 2018-05-17 | Deutsche Bank | Hold | Reiterate | |
| 2018-05-16 | Bernstein | Outperform | Market Perform | Downgrade |
| 2018-05-14 | Numis | Buy | Reiterate | |
| 2018-05-10 | RBC Capital Markets | Outperform | Reiterate | |
| 2018-05-03 | Barclays | Equal-weight | Downgrade | |
| 2018-03-12 | Berenberg Bank | Buy | Reiterate | |
| 2018-02-26 | Deutsche Bank | Hold | Reiterate | |
| 2018-02-23 | UBS | Buy | Reiterate | |
| 2018-02-23 | Numis | Buy | Reiterate | |
| 2018-02-21 | Deutsche Bank | Sell | Hold | Upgrade |
| 2017-11-30 | Morgan Stanley | Equal-weight | Reiterate | |
| 2017-11-24 | Deutsche Bank | Sell | Reiterate | |
| 2017-11-24 | Citigroup | Neutral | Reiterate | |
| 2017-11-07 | Macquarie | Outperform | Reiterate | |
| 2017-11-07 | Credit Suisse | Neutral | Reiterate | |
| 2017-11-02 | Numis | Buy | Reiterate | |
| 2017-11-01 | Deutsche Bank | Sell | Reiterate | |
| 2017-10-13 | Credit Suisse | Neutral | Reiterate | |
| 2017-10-13 | Barclays | Overweight | Reiterate | |
| 2017-10-09 | Citigroup | Neutral | Downgrade | |
| 2017-09-15 | Credit Suisse | Neutral | Reiterate | |
| 2017-09-14 | Macquarie | Outperform | Reiterate | |
| 2017-09-13 | Goldman Sachs | Neutral | Reiterate | |
| 2017-09-06 | Macquarie | Outperform | Reiterate | |
| 2017-08-07 | Numis Securities | Buy | Reiterate | |
| 2017-08-02 | Deutsche Bank | Sell | Reiterate | |
| 2017-07-24 | Deutsche Bank | Sell | Reiterate | |
| 2017-07-11 | Deutsche Bank | Sell | Reiterate | |
| 2017-07-05 | JP Morgan Cazenove | Neutral | Reiterate | |
| 2017-06-21 | Goldman Sachs | Neutral | Reiterate | |
| 2017-06-12 | Berenberg Bank | Hold | Reiterate | |
| 2022-04-14 | Morgan Stanley | Overweight | Reiterate | |
| 2022-04-01 | Barclays | Overweight | Reiterate | |
| 2022-03-25 | Morgan Stanley | Overweight | Reiterate | |
| 2022-03-22 | Berenberg Bank | Buy | Reiterate | |
| 2022-03-11 | Barclays | Overweight | Reiterate | |
| 2022-02-21 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2022-02-21 | JP Morgan Cazenove | Reiteration | Reiterate | |
| 2022-02-14 | Berenberg Bank | Buy | Reiterate | |
| 2022-02-14 | Berenberg Bank | Reiteration | Reiterate | |
| 2022-02-09 | Morgan Stanley | Reiteration | Reiterate | |
| 2022-02-04 | JP Morgan Cazenove | Reiteration | Reiterate | |
| 2022-02-04 | Deutsche | Reiteration | Reiterate | |
| 2022-02-04 | Barclays | Reiteration | Reiterate | |
| 2022-01-28 | Morgan Stanley | Reiteration | Reiterate | |
| 2022-01-26 | JP Morgan Cazenove | Reiteration | Reiterate | |
| 2022-01-25 | Deutsche | Reiteration | Reiterate | |
| 2022-01-19 | Barclays | Reiteration | Reiterate | |
| 2022-01-12 | Berenberg Bank | Reiteration | Reiterate | |
| 2021-12-06 | Berenberg Bank | Reiteration | Reiterate | |
| 2021-11-29 | Barclays | Reiteration | Reiterate | |
| 2021-11-22 | Citigroup | Reiteration | Reiterate | |
| 2021-11-19 | Berenberg Bank | Reiteration | Reiterate | |
| 2021-11-15 | Morgan Stanley | Reiteration | Reiterate | |
| 2021-11-08 | Berenberg Bank | Buy | Upgrade | |
| 2021-11-05 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2021-11-05 | Berenberg Bank | Buy | Reiterate | |
| 2021-11-05 | Barclays | Overweight | Reiterate | |
| 2021-10-18 | Deutsche Bank | Sell | Reiterate | |
| 2021-10-05 | Barclays | Overweight | Reiterate | |
| 2021-09-30 | Berenberg Bank | Hold | Reiterate | |
| 2021-08-02 | Berenberg Bank | Hold | Reiterate | |
| 2021-07-30 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2020-08-24 | Citigroup | Neutral | Reiterate | |
| 2020-08-11 | Deutsche Bank | Hold | Reiterate | |
| 2020-07-08 | Jefferies | Buy | Reiterate | |
| 2020-05-27 | Jefferies | Buy | Reiterate | |
| 2020-05-27 | Barclays | Underweight | Reiterate | |
| 2020-05-20 | Deutsche Bank | Hold | Upgrade | |
| 2020-05-15 | Berenberg Bank | Hold | Reiterate | |
| 2020-05-11 | Deutsche Bank | Sell | Reiterate | |
| 2020-02-25 | Jefferies | Buy | Reiterate | |
| 2020-02-04 | Jefferies | Buy | Reiterate | |
| 2020-02-04 | Credit Suisse | Outperform | Reiterate | |
| 2020-02-03 | Deutsche Bank | Sell | Reiterate | |
| 2020-01-31 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2020-01-31 | Barclays | Underweight | Reiterate | |
| 2019-12-17 | Deutsche Bank | Sell | Reiterate | |
| 2019-12-10 | Jefferies | Buy | Reiterate | |
| 2019-11-01 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2019-11-01 | Deutsche Bank | Sell | Reiterate | |
| 2019-10-31 | Jefferies | Buy | Reiterate | |
| 2019-10-16 | Barclays | Equal-weight | Reiterate | |
| 2019-09-30 | Jefferies | Buy | Reiterate | |
| 2019-09-27 | Berenberg Bank | Hold | Reiterate | |
| 2019-09-13 | Credit Suisse | Outperform | Reiterate | |
| 2019-09-11 | Deutsche Bank | Sell | Reiterate | |
| 2019-08-30 | Berenberg Bank | Hold | Reiterate | |
| 2019-08-14 | Jefferies | Buy | Reiterate | |
| 2019-08-05 | Barclays | Equal-weight | Reiterate | |
| 2019-07-15 | Morgan Stanley | Equal-weight | Reiterate | |
| 2019-07-05 | Barclays | Equal-weight | Reiterate | |
| 2019-07-04 | Berenberg Bank | Hold | Reiterate | |
| 2019-06-24 | Deutsche Bank | Sell | Reiterate | |
| 2017-06-09 | Deutsche Bank | Sell | Reiterate | |
| 2017-05-31 | Jefferies | Hold | Reiterate | |
| 2017-05-25 | Exane BNP Paribas | Underperform | Downgrade | |
| 2017-05-24 | Goldman Sachs | Neutral | Reiterate | |
| 2017-05-12 | RBC Capital Markets | Outperform | Reiterate | |
| 2017-05-12 | Barclays | Overweight | Reiterate | |
| 2017-05-08 | Macquarie | Neutral | Reiterate | |
| 2017-05-05 | Berenberg Bank | Hold | Reiterate | |
| 2017-04-25 | Goldman Sachs | Neutral | Reiterate | |
| 2017-04-24 | Deutsche Bank | Sell | Reiterate | |
| 2017-04-21 | HSBC | Buy | Reiterate | |
| 2017-03-13 | HSBC | Buy | Reiterate | |
| 2017-03-08 | Goldman Sachs | Buy | Neutral | Downgrade |
| 2017-02-23 | Barclays | Overweight | Reiterate | |
| 2017-02-17 | Jefferies | Hold | Reiterate | |
| 2017-02-10 | UBS | Neutral | Reiterate | |
| 2017-02-09 | JP Morgan Cazenove | Neutral | Reiterate | |
| 2017-02-07 | HSBC | Buy | Reiterate | |
| 2017-01-30 | Macquarie | Neutral | Reiterate | |
| 2017-01-30 | Barclays | Overweight | Reiterate | |
| 2017-01-25 | UBS | Neutral | Reiterate | |
| 2017-01-25 | Macquarie | Underperform | Neutral | Upgrade |
| 2017-01-25 | JP Morgan Cazenove | Neutral | Reiterate | |
| 2017-01-25 | HSBC | Buy | Reiterate | |
| 2017-01-25 | Exane BNP Paribas | Neutral | Reiterate | |
| 2017-01-25 | Deutsche Bank | Sell | Reiterate | |
| 2017-01-18 | Jefferies | Hold | Reiterate | |
| 2017-01-16 | HSBC | Buy | Reiterate | |
| 2017-01-11 | Morgan Stanley | Overweight | Reiterate | |
| 2016-11-30 | JP Morgan Cazenove | Neutral | Reiterate | |
| 2016-11-30 | Deutsche Bank | Sell | Reiterate | |
| 2016-11-29 | Exane BNP Paribas | Neutral | Reiterate | |
| 2016-11-23 | Macquarie | Underperform | Reiterate | |
| 2016-11-22 | UBS | Neutral | Reiterate | |
| 2016-11-11 | HSBC | Buy | Reiterate | |
| 2016-11-09 | Macquarie | Underperform | Reiterate | |
| 2016-11-02 | Societe Generale | Buy | Reiterate | |
| 2016-10-28 | JP Morgan Cazenove | Neutral | Reiterate | |
| 2016-10-28 | Deutsche Bank | Sell | Reiterate | |
| 2016-10-18 | Goldman Sachs | Buy | Reiterate | |
| 2016-10-10 | Berenberg Bank | Buy | Reiterate | |
| 2016-10-07 | Macquarie | Underperform | Downgrade | |
| 2016-09-30 | JP Morgan Cazenove | Neutral | Reiterate | |
| 2016-09-20 | Deutsche Bank | Sell | Reiterate | |
| 2016-09-02 | JP Morgan Cazenove | Neutral | Reiterate | |
| 2016-09-02 | JP Morgan | Overweight | Neutral | Downgrade |
| 2016-08-10 | Credit Suisse | Neutral | Reiterate | |
| 2016-08-05 | UBS | Neutral | Reiterate | |
| 2016-08-05 | HSBC | Buy | Reiterate | |
| 2016-07-29 | RBC Capital Markets | Outperform | Reiterate | |
| 2016-07-29 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2016-07-29 | Goldman Sachs | Buy | Reiterate | |
| 2016-07-29 | Deutsche Bank | Sell | Reiterate | |
| 2016-07-29 | Credit Suisse | Neutral | Reiterate | |
| 2016-07-27 | Societe Generale | Buy | Reiterate | |
| 2016-07-27 | Jefferies | Hold | Reiterate | |
| 2016-07-27 | HSBC | Buy | Reiterate | |
| 2016-07-22 | Societe Generale | Buy | Upgrade | |
| 2016-07-20 | Macquarie | Neutral | Reiterate | |
| 2016-07-20 | Deutsche Bank | Sell | Reiterate | |
| 2016-07-19 | RBC Capital Markets | Outperform | Reiterate | |
| 2016-07-01 | Societe Generale | Buy | Upgrade | |
| 2016-06-30 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2016-06-30 | Credit Suisse | Neutral | Reiterate | |
| 2016-06-28 | Macquarie | Underperform | Neutral | Upgrade |
| 2016-06-27 | Credit Suisse | Buy | Neutral | Downgrade |
| 2016-06-27 | Citigroup | Neutral | Buy | Upgrade |
| 2016-06-21 | Jefferies | Hold | Reiterate | |
| 2016-06-16 | Goldman Sachs | Buy | Reiterate | |
| 2016-06-08 | Credit Suisse | Outperform | Reiterate | |
| 2016-05-24 | Macquarie | Underperform | Reiterate | |
| 2016-05-19 | Goldman Sachs | Buy | Reiterate | |
| 2016-05-06 | UBS | Neutral | Reiterate | |
| 2016-05-06 | Jefferies | Hold | Reiterate | |
| 2016-05-06 | HSBC | Buy | Reiterate | |
| 2016-05-05 | Societe Generale | Buy | Reiterate | |
| 2016-05-05 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2016-05-05 | Bank of America | Overweight | Reiterate | |
| 2016-05-04 | Macquarie | Underperform | Reiterate | |
| 2016-05-03 | Citigroup | Neutral | Reiterate | |
| 2016-04-29 | UBS | Neutral | Upgrade | |
| 2016-04-28 | UBS | Sell | Neutral | Upgrade |
| 2016-04-20 | Jefferies | Buy | Hold | Downgrade |
| 2016-04-19 | HSBC | Buy | Reiterate | |
| 2016-04-18 | Exane BNP Paribas | Underperform | Reiterate | |
| 2016-03-04 | Goldman Sachs | Buy | Reiterate | |
| 2016-03-02 | HSBC | Buy | Reiterate | |
| 2016-03-02 | Deutsche Bank | Sell | Reiterate | |
| 2016-03-02 | Citigroup | Neutral | Reiterate | |
| 2016-02-26 | Societe Generale | Buy | Reiterate | |
| 2016-02-22 | UBS | Sell | Reiterate | |
| 2016-02-12 | UBS | Sell | Reiterate | |
| 2016-02-02 | Nomura | Neutral | Reiterate | |
| 2016-02-02 | Barclays | Overweight | Reiterate | |
| 2016-02-01 | UBS | Neutral | Reiterate | |
| 2016-02-01 | Societe Generale | Buy | Reiterate | |
| 2016-01-28 | HSBC | Buy | Reiterate | |
| 2016-01-18 | Societe Generale | Buy | Reiterate | |
| 2016-01-04 | Berenberg Bank | Buy | Reiterate | |
| 2015-12-09 | Berenberg Bank | Buy | Reiterate | |
| 2015-12-07 | Barclays | Overweight | Reiterate | |
| 2015-12-01 | Nomura | Neutral | Reiterate | |
| 2015-11-24 | Credit Suisse | Outperform | Reiterate | |
| 2015-10-30 | RBC Capital Markets | Outperform | Reiterate | |
| 2015-10-30 | Citigroup | Neutral | Reiterate | |
| 2015-10-29 | Societe Generale | Buy | Reiterate | |
| 2015-10-29 | Nomura | Neutral | Reiterate | |
| 2015-10-23 | Deutsche Bank | Hold | Reiterate | |
| 2015-10-19 | Credit Suisse | Outperform | Reiterate | |
| 2015-10-16 | Nomura | Neutral | Reiterate | |
| 2015-10-13 | Credit Suisse | Outperform | Reiterate | |
| 2015-09-22 | Deutsche Bank | Hold | Reiterate | |
| 2015-09-21 | Nomura | Neutral | Downgrade | |
| 2015-09-07 | Nomura | Buy | Reiterate | |
| 2015-09-07 | Credit Suisse | Outperform | Reiterate | |
| 2015-08-14 | Credit Suisse | Outperform | Reiterate | |
| 2015-07-31 | Charles Stanley | Accumulate | Reiterate | |
| 2015-07-21 | Barclays | Overweight | Reiterate | |
| 2015-07-17 | Societe Generale | Buy | Reiterate | |
| 2015-07-17 | Charles Stanley | Accumulate | Reiterate | |
| 2015-07-16 | Credit Suisse | Outperform | Reiterate | |
| 2015-07-10 | Jefferies | Buy | Reiterate | |
| 2015-07-06 | Citigroup | Buy | Neutral | Downgrade |
| 2015-06-26 | Credit Suisse | Outperform | Reiterate | |
| 2015-06-04 | Credit Suisse | Outperform | Reiterate | |
| 2015-05-28 | Raymond James | Strong Buy | Underperform | Downgrade |
| 2015-05-15 | Credit Suisse | Outperform | Reiterate | |
| 2015-05-07 | Societe Generale | Buy | Reiterate | |
| 2015-05-06 | Jefferies | Buy | Reiterate | |
| 2015-05-05 | Credit Suisse | Outperform | Reiterate | |
| 2015-05-05 | Barclays | Overweight | Initiate | |
| 2015-04-22 | Nomura | Buy | Reiterate | |
| 2015-04-21 | Credit Suisse | Outperform | Reiterate | |
| 2015-04-09 | Credit Suisse | Outperform | Reiterate | |
| 2015-04-01 | Credit Suisse | Outperform | Reiterate | |
| 2015-03-25 | Nomura | Buy | Reiterate | |
| 2015-03-24 | Societe Generale | Buy | Reiterate | |
| 2015-03-23 | Berenberg Bank | Buy | Reiterate | |
| 2015-03-18 | Nomura | Neutral | Reiterate | |
| 2015-03-13 | Berenberg Bank | Buy | Reiterate | |
| 2015-03-11 | Nomura | Buy | Reiterate | |
| 2015-02-26 | Credit Suisse | Outperform | Reiterate | |
| 2015-02-13 | Deutsche Bank | Hold | Reiterate | |
| 2015-02-10 | Charles Stanley | Accumulate | Reiterate | |
| 2015-02-03 | Deutsche Bank | Hold | Reiterate | |
| 2015-02-02 | Charles Stanley | Accumulate | Reiterate | |
| 2015-02-02 | Berenberg Bank | Buy | Reiterate | |
| 2015-01-23 | Oriel Securities | Buy | Reiterate | |
| 2015-01-19 | Killik & Co | Buy | Reiterate | |
| 2015-01-07 | Credit Suisse | Outperform | Reiterate | |
| 2014-12-19 | Deutsche Bank | Hold | Reiterate | |
| 2014-12-17 | Exane BNP Paribas | Underperform | Reiterate | |
| 2014-12-15 | RBC Capital Markets | Outperform | Reiterate | |
| 2014-12-10 | Espirito Santo Securities | Buy | Reiterate | |
| 2014-12-10 | Deutsche Bank | Hold | Reiterate | |
| 2014-12-08 | Jefferies | Buy | Reiterate | |
| 2014-11-28 | Espirito Santo Securities | Buy | Reiterate | |
| 2014-11-27 | Espirito Santo Securities | Buy | Reiterate | |
| 2014-11-25 | Jefferies | Buy | Reiterate | |
| 2014-11-25 | Goldman Sachs | Strong Buy | Reiterate | |
| 2014-11-25 | Deutsche Bank | Hold | Reiterate | |
| 2014-11-25 | Citigroup | Buy | Reiterate | |
| 2014-11-20 | Credit Suisse | Outperform | Reiterate | |
| 2014-11-18 | HSBC | Overweight | Reiterate | |
| 2014-11-03 | Deutsche Bank | Hold | Reiterate | |
| 2014-11-03 | Berenberg Bank | Buy | Reiterate | |
| 2014-10-31 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2014-10-31 | Beaufort Securities | Buy | Reiterate | |
| 2014-10-31 | Barclays | Overweight | Reiterate | |
| 2014-10-27 | Jefferies | Buy | Reiterate | |
| 2014-10-22 | Espirito Santo Securities | Buy | Reiterate | |
| 2014-10-21 | Goldman Sachs | Strong Buy | Reiterate | |
| 2014-10-15 | Credit Suisse | Outperform | Reiterate | |
| 2014-10-14 | Jefferies | Buy | Reiterate | |
| 2014-10-09 | Berenberg Bank | Buy | Reiterate | |
| 2014-10-02 | Credit Suisse | Outperform | Reiterate | |
| 2014-10-01 | Barclays | Overweight | Reiterate | |
| 2014-08-12 | Berenberg Bank | Buy | Reiterate | |
| 2014-08-05 | Barclays | Overweight | Reiterate | |
| 2014-08-04 | Espirito Santo Securities | Buy | Reiterate | |
| 2014-08-04 | Berenberg Bank | Buy | Reiterate | |
| 2014-07-31 | Jefferies | Buy | Reiterate | |
| 2014-07-22 | Nomura | Buy | Reiterate | |
| 2014-07-21 | Jefferies | Buy | Reiterate | |
| 2014-07-21 | Berenberg Bank | Buy | Reiterate | |
| 2014-07-16 | Goldman Sachs | Strong Buy | Reiterate | |
| 2014-07-10 | Barclays | Overweight | Reiterate | |
| 2014-07-08 | Citigroup | Buy | Reiterate | |
| 2014-07-07 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2014-06-30 | Berenberg Bank | Buy | Reiterate | |
| 2014-06-27 | Exane BNP Paribas | Underperform | Reiterate | |
| 2014-06-24 | Credit Suisse | Outperform | Reiterate | |
| 2014-06-20 | Barclays | Overweight | Reiterate | |
| 2014-06-19 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2014-06-18 | Jefferies | Buy | Reiterate | |
| 2014-06-17 | Exane BNP Paribas | Underperform | Reiterate | |
| 2014-06-09 | Citigroup | Buy | Reiterate | |
| 2014-06-04 | Credit Suisse | Outperform | Reiterate | |
| 2014-05-29 | Berenberg Bank | Buy | Reiterate | |
| 2014-05-28 | Goldman Sachs | Strong Buy | Reiterate | |
| 2014-05-12 | Barclays | Overweight | Reiterate | |
| 2014-05-08 | Espirito Santo Securities | Buy | Reiterate | |
| 2014-05-06 | Berenberg Bank | Buy | Reiterate | |
| 2014-04-22 | Credit Suisse | Outperform | Reiterate | |
| 2014-04-17 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2014-04-17 | Jefferies | Buy | Reiterate | |
| 2014-04-11 | Espirito Santo Securities | Buy | Reiterate | |
| 2014-04-09 | Berenberg Bank | Neutral | Downgrade | |
| 2014-03-17 | Citigroup | Buy | Reiterate | |
| 2014-03-10 | Deutsche Bank | Hold | Reiterate | |
| 2014-03-04 | RBC Capital Markets | Outperform | Reiterate | |
| 2014-03-04 | Morgan Stanley | Equal-weight | Reiterate | |
| 2014-03-03 | Citigroup | Sell | Reiterate | |
| 2014-02-28 | Deutsche Bank | Hold | Reiterate | |
| 2014-02-26 | Deutsche Bank | Hold | Reiterate | |
| 2014-02-24 | Berenberg Bank | Buy | Reiterate | |
| 2014-02-20 | Credit Suisse | Outperform | Reiterate | |
| 2014-02-17 | Citigroup | Buy | Reiterate | |
| 2014-02-11 | Jefferies | Buy | Reiterate | |
| 2014-02-06 | Exane BNP Paribas | Underperform | Reiterate | |
| 2014-02-05 | Barclays | Overweight | Reiterate | |
| 2014-02-03 | Nomura | Buy | Reiterate | |
| 2014-02-03 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2014-02-03 | Beaufort Securities | Buy | Upgrade | |
| 2014-01-29 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2014-01-29 | Espirito Santo Securities | Buy | Reiterate | |
| 2014-01-27 | UBS | Sell | Reiterate | |
| 2014-01-14 | Exane BNP Paribas | Neutral | Downgrade | |
| 2014-01-09 | Nomura | Buy | Reiterate | |
| 2014-01-09 | Liberum Capital | Buy | Reiterate | |
| 2014-01-09 | Jefferies | Buy | Reiterate | |
| 2014-01-09 | Goldman Sachs | Buy | Reiterate | |
| 2014-01-09 | Exane BNP Paribas | Neutral | Reiterate | |
| 2014-01-09 | Espirito Santo Securities | Buy | Reiterate | |
| 2014-01-09 | Credit Suisse | Outperform | Reiterate | |
| 2014-01-09 | Charles Stanley | Accumulate | Reiterate | |
| 2014-01-09 | Barclays | Overweight | Reiterate | |
| 2014-01-09 | Bank of America | Buy | Reiterate | |
| 2013-12-20 | Berenberg Bank | Buy | Reiterate | |
| 2013-12-11 | Deutsche Bank | Hold | Reiterate | |
| 2013-11-29 | Jefferies | Buy | Reiterate | |
| 2013-11-25 | Goldman Sachs | Neutral | Upgrade | |
| 2013-11-11 | JP Morgan Cazenove | Overweight | Upgrade | |
| 2013-11-11 | JP Morgan | Neutral | Overweight | Upgrade |
| 2013-11-11 | Citigroup | Buy | Reiterate | |
| 2013-11-04 | HSBC | Neutral | Overweight | Upgrade |
| 2013-11-01 | Nomura | Buy | Reiterate | |
| 2013-10-29 | Bank of America | Buy | Reiterate | |
| 2013-10-28 | Goldman Sachs | Sell | Reiterate | |
| 2013-10-21 | Nomura | Buy | Reiterate | |
| 2013-10-16 | Goldman Sachs | Strong Buy | Upgrade | |
| 2013-10-16 | Credit Suisse | Outperform | Reiterate | |
| 2013-10-08 | Goldman Sachs | Buy | Reiterate | |
| 2013-09-30 | Citigroup | Buy | Reiterate | |
| 2013-09-16 | Citigroup | Buy | Reiterate | |
| 2013-09-05 | Deutsche Bank | Hold | Reiterate | |
| 2013-09-02 | Credit Suisse | Outperform | Reiterate | |
| 2013-08-21 | Jefferies | Buy | Reiterate | |
| 2013-08-16 | JP Morgan Cazenove | Neutral | Reiterate | |
| 2013-07-31 | Jefferies | Buy | Reiterate | |
| 2013-07-30 | Nomura | Buy | Reiterate | |
| 2013-07-25 | Bank of America | Buy | Reiterate | |
| 2013-07-16 | Deutsche Bank | Hold | Reiterate | |
| 2013-07-11 | Liberum Capital | Buy | Reiterate | |
| 2013-07-11 | Goldman Sachs | Buy | Reiterate | |
| 2013-07-10 | Credit Suisse | Outperform | Reiterate | |
| 2013-07-04 | Espirito Santo Securities | Neutral | Reiterate | |
| 2013-07-03 | Liberum Capital | Buy | Reiterate | |
| 2013-07-02 | Morgan Stanley | Equal-weight | Reiterate | |
| 2013-07-02 | Bank of America | Buy | Reiterate | |
| 2013-06-28 | Deutsche Bank | Hold | Reiterate | |
| 2013-06-21 | Citigroup | Neutral | Buy | Upgrade |
| 2013-06-07 | Barclays | Equal-Weight | Overweight | Upgrade |
| 2013-05-10 | Bank of America | Neutral | Buy | Upgrade |
| 2013-04-05 | Morgan Stanley | Overweight | Equal-Weight | Downgrade |
| 2013-01-29 | Bank of America | Buy | Neutral | Downgrade |
| 2013-01-23 | Bernstein | Market Perform | Outperform | Upgrade |
| 2012-10-15 | Barclays | Overweight | Equal-Weight | Downgrade |
| 2012-10-02 | Goldman Sachs | Buy | Maintains | |
| 2012-09-05 | JP Morgan | Neutral | Overweight | Upgrade |
| 2012-06-25 | Citigroup | Buy | Neutral | Downgrade |
| 2023-01-05 | Barclays | Overweight | Reiterate | |
| 2023-01-04 | Berenberg Bank | Buy | Reiterate | |
| 2023-01-20 | Barclays | Overweight | Reiterate | |
| 2023-02-06 | Numis | Reduce | Reiterate | |
| 2023-03-16 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2023-03-17 | Numis | Sell | Reiterate | |
| 2023-03-23 | Deutsche | Hold | Reiterate | |
| 2023-04-17 | Berenberg Bank | Hold | Reiterate | |
| 2023-05-19 | Barclays | Overweight | Reiterate | |
| 2023-05-22 | Barclays | Hold | Reiterate | |
| 2023-06-09 | Berenberg Bank | Hold | Reiterate | |
| 2023-12-04 | JP Morgan Cazenove | Top Pick | Reiterate | |
| 2023-08-02 | Berenberg Bank | Hold | Reiterate | |
| 2023-11-22 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2023-09-29 | Berenberg Bank | Hold | Reiterate | |
| 2023-07-10 | Barclays | Overweight | Reiterate | |
| 2023-09-29 | Citigroup | Buy | Reiterate | |
| 2024-04-04 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2024-02-21 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2024-05-17 | Berenberg Bank | Buy | Reiterate | |
| 2024-06-10 | Berenberg Bank | Buy | Reiterate | |
| 2025-07-08 | Deutsche | Sell | Reiterate | |
| 2025-06-25 | Berenberg Bank | Buy | Reiterate | |
| 2024-08-01 | Berenberg Bank | Buy | Reiterate | |
| 2025-04-29 | Citigroup | Sell | Reiterate | |
| 2025-07-18 | Citigroup | Sell | Reiterate | |
| 2025-07-07 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2025-09-01 | Citigroup | Sell | Reiterate |
