CHOOSE LANGUAGE

Equity recommendations

Our recommendations are reviewed and changed to take account of current market conditions.

The aim is to offer our clients extensive background knowledge to enable them to make informed decisions, and to give insight to those of our clients who wish to leave the decisions to their advisers.

Recommendation:
Risk:
Country:
Sector:

Consum. Discre.

Company name	Recommendation	Risk	Target price	Last traded*
Esprit Holdings Ltd. 330	Strong Buy	High	22.00	13.10 HKD
Pandora A/S	Buy	High	80.00	65.00 DKK

Consumer Staples

Company name	Recommendation	Risk	Target price	Last traded*
Carlsberg B	Strong Buy	Medium	585.00	487.50 DKK
Carrefour	Strong Buy	Medium	25.00	13.51 EUR
Royal UNIBREW A/S	Buy	Medium	430.00	400.00 DKK
Østasiatiske Kompagni	Strong Buy	High	235.00	144.00 DKK

Energy

Company name	Recommendation	Risk	Target price	Last traded*
BP Plc	Buy	Medium	5.20	3.97 GBP
Total SA	Sell	Medium	36.00	34.92 EUR

Financials

Company name	Recommendation	Risk	Target price	Last traded*
Danske Bank A/S	Strong Buy	Medium	120.00	81.65 DKK
Nordea Bank AB	Strong Buy	Medium	64.00	44.46 DKK
Royal and Sun Alliance Insurance	Strong Buy	Low	1.35	0.98 GBP
Sydbank	Buy	Medium	118.00	92.30 DKK
Topdanmark A/S	Reduce	Low	1,010.00	949.00 DKK
Tryg A/S	Buy	Low	375.00	320.00 DKK

Health Care

Company name	Recommendation	Risk	Target price	Last traded*
Alk-Abello B	Reduce	Medium	450.00	380.00 DKK
Bavarian Nordic A/S	Strong Buy	High	80.00	44.30 DKK
Coloplast B	Reduce	Low	1,115.00	1,023.00 DKK
Exiqon A/S	Strong Buy	Medium	16.50	9.50 DKK
H. Lundbeck A/S	Strong Buy	Medium	152.00	117.40 DKK
Neurosearch A/S	Buy	High	13.00	9.40 DKK
Novo Nordisk B	Buy	Low	940.00	825.00 DKK
Sanofi S.A	Buy	Medium	62.00	53.90 EUR
William Demant Holding	Sell	Low	500.00	523.00 DKK

IT

Company name	Recommendation	Risk	Target price	Last traded*
Dell Inc	Strong Buy	High	22.00	14.94 USD
Ericsson Telefon AB B	Sell	High	70.00	60.25 SEK
Hewlett-Packard Co.	Strong Buy	High	32.00	22.06 USD
Microsoft	Sell	Medium	20.00	29.72 USD
Nokia	Buy	High	2.80	2.16 EUR
SAP	Reduce	High	53.00	46.92 EUR
Samsung Electronics-GDR	Sell	High	325.00	519.00 USD

Industrials

Company name	Recommendation	Risk	Target price	Last traded*
A.P. Møller - Mærsk B	Sell	Medium	40,000.00	37,840.00 DKK
D/S Norden	Strong Buy	Medium	200.00	150.50 DKK
FLSmidth & Co.	Strong Buy	Medium	405.00	316.60 DKK
Fedex Corporation	Strong Buy	Medium	105.00	86.77 USD
NKT Holding	Buy	High	285.00	216.80 DKK
Rockwool International B	Reduce	Medium	585.00	524.50 DKK
Vestas Wind Systems	Reduce	High	52.00	39.00 DKK

Materials

Company name	Recommendation	Risk	Target price	Last traded*
Auriga Industries B	Strong Buy	High	95.00	69.50 DKK
Chr. Hansen Holding A/S	Buy	Low	180.00	160.60 DKK
Novozymes A/S B	Reduce	Low	165.00	153.90 DKK

* There is a time lag

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