Price, Ratings and Target Price Changes

Ratings and Target Price Changes

Catalyst Calls

Historical Catalyst Calls Table
Date	Idea	Note	Price Entered	Analyst
2019 Nov 05	--	Buy Idea Demoted	-- --	Brian Bedell
2019 Sep 05	Buy	Buy Idea Added	222.83 USD	Brian Bedell
2019 Jun 04	--	Buy Idea Demoted	-- --	Brian Bedell
2019 May 09	Buy	Buy Idea Added	179.96 USD	Brian Bedell

Ratings Key

New issued research recommendations and target prices always supersede previously published research.

Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as Catalyst Calls) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. If applicable, the historical information for these ideas can be found in the Catalyst Call section on this page.

Long Term Recommendation Key



Buy	Based on a current 12-month view of total shareholder return (TSR = percentage change in share price from current price to projected target price plus projected dividend yield), we recommend that investors buy the stock.
Hold	We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell.
Sell	Based on a current 12-month view of total shareholder return, we recommend that investors sell the stock.
Not Rated	There is no investment rating and target price for this security.
Suspended	The investment rating and price target, if any, for this security, have been suspended. The previous investment rating and price target, if any, are no longer in effect for this security and should not be relied upon.
N/A	Deutsche Bank may choose not to set or maintain a target price of certain issuers under coverage with a Hold rating. In particular, this will typically occur for "Hold" rated stocks having a market cap smaller than most other companies in its sector or region.

Catalyst Call (Short Term) Recommendation Key



Buy	Represents a high-conviction belief by an analyst that a stock will outperform the market and/or a specified sector over a time frame of no less than two weeks and no more than three months.
Sell	Represents a high-conviction belief by an analyst that a stock will underperform the market and/or a specified sector over a time frame of no less than two weeks and no more than three months.

Legacy Americas Catalyst Call Recommendation Key

In July 2018, Deutsche Bank revised its rating system for short term ideas whereby the branding has been changed to Catalyst Calls ("CC") from SOLAR ideas; the rating categories for Catalyst Calls originated in the Americas region have been made consistent with the categories used by Analysts globally; and the effective time period for CCs has been reduced from a maximum of 180 days to 90 days.



Long 1	Analyst believes the stock will out perform the market and/or sector delineated over a time frame of no less than 2 weeks with a high to moderate return to risk profile.
Long 2	Analyst believes the stock will out perform the market and/or sector delineated over a time frame of no less than 2 weeks with a moderate to low return to risk profile.
Short 1	Analyst believes the stock will under perform the market and/or sector delineated over a time frame of no less than 2 weeks with a high to moderate return to risk profile.
Short 2	Analyst believes the stock will under perform the market and/or sector delineated over a time frame of no less than 2 weeks with a moderate to low return to risk profile.

Equity Rating Dispersion Chart Key

The Equity Rating Dispersion Chart depicts the following:

The proportion of recommendations that are rated "buy", "sell" and "hold" over the previous 12 months. This is shown for securities issued in the stated region E.g. "Europe Universe". See rating definitions below. This is represented by the "Companies Covered" bars in the chart. The percentage value displayed on the y axis is the proportion as a percentage. E.g. a bar measuring 50% on the y axis means that 50% of DB’s equity research covered companies over the past 12 months have a “buy” rating.
Next to each of the three respective bars showing the proportion of "buy", "sell" and "hold" recommendations we provide two additional bars to show:
- The proportion of "buy", "sell" or "hold recommendations where Deutsche Bank and or/Affiliates provided MIFID Investment or Ancillary Services in the past 12 months. This is represented in the "MIFID Investment and Ancillary Services" bars. The percentage value displayed on the y axis is the proportion of Companies Covered with the given rating where DB has also provided MIFID Investment and Ancillary Services in the past 12 months. E.g. 50% a bar measuring 50% on the y axis means 50% of the Companies Covered with the rating stated have also received MIFID Investment and Ancillary Services from DB.
- The proportion of "buy" (or "sell" or "hold) recommendations where Deutsche Bank and or/Affiliates has provided Investment Banking services in the past 12 months for which it has received compensation. This is represented in the "Cos. w/ Investment Banking Relationship" bars. The percentage value displayed on the y axis shows the proportion of Companies Covered with the stated rating where DB has also provided Investment Banking services in the past 12 months. E.g. 50% on the y axis the means 50% of the Companies Covered with the rating stated also have an Investment Banking Relationship with DB.

Equity Rating Key

Buy: Based on a current 12-month view of TSR, we recommend that investors buy the stock.

Sell: Based on a current 12-month view of TSR, we recommend that investors sell the stock.

Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell.

TSR = Total Shareholder Return. Percentage change in share price from current price to projected target price plus projected dividend yield

Newly issued research recommendations and target prices supersede previously published research.

North America Equity Rating Dispersion/ Banking Relationships (12 months)

Covered companies
Companies with investment banking relations
Companies DB or affiliates have provided MIFID Investment & Ancillary services

North America Catalyst Calls/ Banking Relationships (12 months)

Companies with published ideas
Of companies with published ideas, those with DB investment banking relationships
Of companies with published ideas, those DB or affiliates have provided MIFID Investment & Ancillary services

For further disclosures and other important information please click here.

Disclosures Required by U.S. Regulators

Last Updated 2025 Apr 24

1
Within the past year, Deutsche Bank and/or its affiliate(s) has managed or co-managed a public offering for this company, for which it received fees.
2
Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instruments issued by this company.
7
Deutsche Bank and/or its affiliate(s) has received compensation from this company for the provision of investment banking or financial advisory services within the past year.
8
Deutsche Bank and/or its affiliate(s) expects to receive, or intends to seek, compensation for investment banking services from this company in the next three months.
14
Deutsche Bank and/or its affiliate(s) has received compensation from this company within the past year for non-investment banking related services.
15
This company has been a client of Deutsche Bank Securities Inc. within the past year during which time it received investment banking services.

Disclosures Required by Non-U.S. Regulators

Last Updated 2025 Apr 24

1
Within the past year, Deutsche Bank and/or its affiliate(s) has managed or co-managed a public offering for this company, for which it received fees.
2
Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instruments issued by this company.
24
Deutsche Bank and/or its affiliate(s) is or has been over the previous 12 months party to an agreement with the company relating to the provision of services set out in Sections A and B of Annex I of Directive 2014/65/EU, or has over the previous 12 months been obliged or entitled (as applicable) to pay or receive compensation relating to the provision of services set out in Sections A and B of Annex I of Directive 2014/65/EU.
26
Within the preceding 12 months, Deutsche Bank and/or its affiliate(s) has received compensation for the provision of investment banking services or is currently providing or has provided investment banking services to this company.

CME.OQ CME Group United States

Rating for Hold

hold as of 2025-Apr-23

Price, Ratings and Target Price Changes

Ratings and Target Price Changes

Catalyst Calls

Ratings Key

North America Equity Rating Dispersion/ Banking Relationships (12 months)

North America Catalyst Calls/ Banking Relationships (12 months)

Disclosures Required by U.S. Regulators

Disclosures Required by Non-U.S. Regulators

Deutsche Bank Research

CME.OQ CME Group United States

hold as of 2025-Apr-23

Ratings and Target Price Changes

Ratings Key