World Economy

Barclays Capital has Adidas (Adidas) provided figures for the first quarter to "Equal Weight" left with a target price of 60.00 €. The strong revenue growth at the Adidas brand may have been partly offset by a weak performance at Reebok, an analyst Julian Easthope wrote in a study on Wednesday. It must however be viewed in comparison to the very high prior-year levels. The gross margin is likely to be due to higher raw material costs and wage growth has fallen slightly. The bottom line should be but the earnings per share increased by twelve percent to 1.12 euros.

Equinet, the classification for Adidas (Adidas) provided figures to "buy" with a target price of 80.00 €. He expects a good first quarter of the sporting goods company, analyst Ingbert Faust wrote in a study on Wednesday. To greater price fluctuations, it would not come.

The U.S. investment bank Morgan Stanley has raised its price target for Air Liquide of 100.00 to 107.00 euros and the classification to "equal weight" to leave. The industrial gas industry still offers structural opportunities for growth, analyst Peter Mackey wrote in a sector study on Wednesday. However, this is already priced into the valuations of the European seller. Of the two largest European companies in the industry he now prefer the Air Liquide share the lime-paper (Linde) before.

Kepler has kept Air Liquide in first-quarter figures on "Hold" with a target price of € 107.00. Given the surprisingly high growth segment of the Large Industries are the results on a second look even better than expected, an analyst Markus Mayer wrote in a study on Wednesday. Since the industrial gas producer in the current year is expected to grow slightly faster than Linde, Air Liquide präferiere he compared to the shares of German competitor.

Commerzbank, the classification for Air Liquide in sales figures for the first quarter on the "Add" with a target price of € 104.00. The consolidated revenues have exceeded its forecast and the average market expectation, an analyst Stephan wrote dump in a study on Wednesday. This is an encouraging sign of the industrial gas adjuster of the decline in the fourth quarter of 2011. Due to continued structural weaknesses of existent Air Liquide, but he still preferred the shares of German competitor Linde.

Berenberg Bank has left Apple after first-quarter figures to "buy" with a target price of 750.00 U.S. dollars. The smartphone and PC makers have presented excellent results, analyst Adnaan Ahmad wrote in a study on Wednesday. The market for medium-to high-quality smart phones should be controlled for at least 18 months of the duopoly Apple and Samsung (Samsung Electronics). Competitors such as Nokia and Research In Motion should continue to lose significance. This scratch Apple in some markets currently just at the surface. In addition, the Group has a huge potential in the corporate banking business.

The German bank has raised its price target for Apple to figures of 600.00 to 650.00 U.S. dollars and the classification to "buy" to leave. Revenue and earnings per share would have exceeded his expectations, analyst Chris Whitmore wrote in a study on Wednesday. The iPhone sales and the China business are the driving forces behind this development. The expert raised its estimates for 2012 and 2013.

Kepler Comdirect (comdirect) left after first-quarter figures on "Hold" with a target price of 7.50 €. With a pre-tax profit of 29.2 million € have the direct bank exceeded its expectations and the market, analyst Dirk Becker wrote in a study on Wednesday. The expert estimated the system wallpaper is a positive change, but also pointed to the high valuation of the shares. Therefore, the upside potential is limited.

WestLB, the classification for Credit Suisse (Credit Suisse Group (CS Group) (N)) for numbers to "buy" with a target price of 32.00 francs. The bank is a good start to the year 2012, an analyst Georg Kanders wrote in a study on Wednesday. The Institute has reported a surplus of 44 million francs, while he had expected a loss of 220 million.

Commerzbank, the classification for Credit Suisse (Credit Suisse Group (CS Group) (N)) after first-quarter figures on "Hold" with a target price of 28.00 francs. The net result of the Swiss bank was better than he had expected failed, wrote analyst Michael Dunst in a study on Wednesday. The earnings quality had deteriorated. 'm Disappointed the asset management segment.

Kepler Credit Suisse (Credit Suisse Group (CS Group) (N)) is left after first-quarter figures to "reduce" with a target price of 24.00 francs. With a surplus of 44 million francs have the Swiss bank, the general expectations but exceeded analyst Dirk Becker wrote in a study on Wednesday. On an adjusted basis, earnings impress but less. The vote on loud "Reduce", because the pressure on profitability in private banking at Swiss banks is permanent. Moreover, even the expensive settlement of the dispute stands out because of cross-border U.S. operations.

HSBC, the classification of German Stock Exchange (German Stock Exchange) have figures to "Overweight" with a target price of 61.00 €. The first quarter should show a mixed picture, an analyst Johannes Thormann wrote in an industry study on Wednesday. Overall, the figures but should acknowledge his positive assessment of the German stock exchange operator.

Commerzbank, the classification for Dialog Semiconductor for high numbers of iPhone maker Apple to "buy" with a target price of 18.50 €. The unexpectedly high iPhone sales in the first quarter, signaling that Apple's suppliers will end up dialogue with its key figures at the upper end of its outlook for the first quarter, analyst Thomas Becker wrote in a study on Wednesday. In this respect he had to revise its higher-than-consensus forecast for 2012 is estimated dialog nothing.

The National Bank has raised its price target for Duerr (Duerr) Key data for the first quarter of 47.50 to 50.00 €, but the classification to "hold" to leave. Given the very positive indicators he had revised the price target, analyst Manfred Jaisfeld wrote in a study on Wednesday. The very strong start to the year leave the overall outlook for the manufacturer of paint again appear conservative, so that this could be increased despite the overall slowdown in order momentum during the year.

Kepler has raised its price target for shares of GEA Group (GEA), according to preliminary figures for the first quarter of 22.00 to 24.00 €, but the classification to "hold" to leave. Due to the surprisingly good job and revenue development, he had increased the corresponding forecasts for 2012 and 2013, analyst Stefan Augustin wrote in a study on Wednesday. Furthermore, the assessment is based now on the multipliers for 2013. The "hold" vote, it has remained since the fall of a market estimate of adjusted earnings before interest and tax margin of 10.6 percent this year, given the one-time costs and the restructuring of the sector Food Systems could.

Swiss bank UBS has lowered its target price for GEA Group (GEA), according to preliminary figures for the first quarter of 31.00 to 28.00 euros, but the classification to "buy" to leave. The plant engineer was cut off in orders better than expected, an analyst Sven Weier wrote in a study on Wednesday. However, the problems are with the daughter of CFS as well as in the segment and refrigeration heat exchanger (HX) continue to exist. He had therefore its profit forecasts for three to four percent. The stock is rated but still attractive.

Kepler Jenoptik (JENOPTIK) evaluated in an initial assessment with a "buy" rating and target price of 7.80 €. The shares of the technology company were rated significantly lower than those of competitors, an analyst Ulrich Scholz wrote in a study on Wednesday. The high order backlog at Jenoptik support the sales divisions of Traffic Solutions and Defense & Civil Systems. In addition, the contracts developed by the semiconductor equipment better than him nor expected earlier in the year.

Swiss bank UBS has raised its price target for Germany Cable 42.75 to € 47.00, but the rating to "neutral" to leave. The cable operator is expected to invest more in the future to accelerate its growth, an analyst Polo Tang wrote in a study on Wednesday. It has increased its sales and earnings forecasts for fiscal years 2012/13 to 2014/15. Since the stock was last run well and compared to the industry in the short term is not exactly cheap, either stay with the neutral vote.

Equinet, the classification according to figures for Kontron to "Accumulate" with a target price of 7.00 €. The turnover was in the first quarter with 131.5 million euros, almost stagnant, but so located on its estimates, analyst Adrian Pehl wrote in a study on Wednesday. With regard to the profitability of small computer manufacturers but disappointed again. Pehl presented a review of its pricing model in sight.

Commerzbank, the classification for Kontron after first-quarter figures on "Hold" with a target price of 6.00 €. Sales of mini-computer manufacturer had exceeded its forecast and the consensus estimate slightly, the operating profit (EBIT), however, remained significantly lower, an analyst Yasmin Moschitz wrote in a study on Wednesday. In addition, Kontron have in terms of EBIT guidance for the full year 2012 expressed cautious than before. This should also forecast the profitability of the market and also his estimate to be too ambitious.

The private bank Berenberg has upgraded Kuka after an analyst conference on "hold" to "buy" and raised its target price of 18.00 to 20.00 €. The Board of the industrial robot manufacturer has signaled a continued strong order momentum, analyst Stephan Klepp wrote in a study on Wednesday. This, and a favorable product mix should be reflected in the operating margin for the first quarter. He believes that both the corporate objectives and the average analyst forecasts for 2012 are too low.

The U.S. investment bank Morgan Stanley has stepped Linde from "equal-weight" to "Underweight", but raised its target price of 120.00 to 130.00 euros. The industrial gas industry still offers structural opportunities for growth, analyst Peter Mackey wrote in a sector study on Wednesday. However, this is already priced into the valuations of the European seller. Of the two largest European companies in the industry prefer it now, the Air Liquide share before the lime-paper.

The U.S. investment bank Morgan Stanley has raised its price target for Lufthansa (German Airlines) from 14.25 to 14,35 € and the classification to "Overweight" to leave. At the same time share in the "Best Idea" list by Morgan Stanley was taken. After the heavy traffic figures for the first quarter, it increased its passenger forecast for the full year 2012, an analyst Penelope Butcher wrote in a study on Wednesday. Your estimate of the operating result lies with 601 million euros over the average market expectation of 573 million euros. Lufthansa is among the traditional airlines best positioned and most attractive investment.

The German bank has lowered its price target for Metro provided figures for the first quarter from 45.00 to 38.00 €, but the classification to "hold" to leave. Well probably the key features of the retail group hardly fail, analyst James Collins said in a study on Wednesday. Collins expects a 60 percent to 56 million Euro drop in operating profit (EBIT). The view of the actual profit potential and value of Metro remains clouded.

WestLB, the classification for MTU (MTU) after first-quarter figures on the "Add" with a target price of 70.00 (price: 61.38) is left €. The engine manufacturers have in adjusted net earnings and adjusted earnings per share significantly outperformed the market and he expects analyst Wolfgang Fickus wrote in a study on Wednesday. However, this would have been possible because of a higher capitalization in research and development in the wake of the launch of many new engine programs. In this respect, the numbers would then again not impressed.

Kepler MTU (MTU) after first-quarter figures on "Buy" to leave with a target price of 63.00 euros. Due to delays in the engine business, as well as spare parts revenue was unchanged revenue missed market expectations, analyst Christophe Menard wrote in a study on Wednesday. Thanks to a surprisingly high margins of profit before interest and taxes would have been better than expected. The full-year targets of the company are not at risk because the engine deliveries were simply moved to the next quarter.

WestLB, the classification for MTU (MTU) after first-quarter figures on the "Add" with a target price of 70.00 €. The engine manufacturers have in adjusted net earnings and adjusted earnings per share significantly outperformed the market and he expects analyst Wolfgang Fickus wrote in a study on Wednesday. However, this would have been possible because of a higher capitalization in research and development in the wake of the launch of many new engine programs. In this respect, the numbers would then again not impressed.

Equinet, the classification for MTU (MTU) for numbers to "Accumulate" with a target price of 65.00 €. The engine manufacturer had a solid first quarter behind it, analyst Adrian Pehl wrote in a study on Wednesday. Delays in Boeing (Boeing) 787 were more than offset by strong maintenance business.

The HSBC has included the observation of the shares of Norma with "overweight" and a target price of 25.00 €. The growth profile of the connection technology specialist is attractive, analyst Joerg-Andre Finke wrote in a study on Wednesday. At the same time the assessment was not expensive.

The Landesbank Baden-Wuerttemberg (LBBW), the classification for Puma (PUMA SE) numbers after the "Buy" with a target price of 292.00 (price: 265,50) is left €. The first quarter of the sports goods manufacturer, had been depressed by weak sales in Europe, an analyst Bernd garbage wrote in a study on Wednesday. The gross margin was against this background, declined faster than expected.

Equinet, the classification for Puma (PUMA SE) by number to "hold" with a target price of 250,00 €. The sports and lifestyle company in the first quarter was worse off than him, and expected by the market, an analyst Ingbert Faust wrote in a study on Wednesday. After the conference he would not take a detailed, so thumb.

- Berenberg Bank has left SAP to final figures for the first quarter to "buy" with a target price of 61.00 €. The well-known basic data had been confirmed, an analyst Daud Khan wrote in a study on Wednesday. It maintain that the software giant would have to prove in the current second quarter of its ability to grow.

The DZ Bank, SAP for final figures on "Buy" with a fair value of 61.00 (Exchange rate: 49.415) is left €. Following the previously announced preliminary results for the first quarter of the final data are still no major surprises, analyst Oliver Finger wrote in a study on Wednesday. All key performance indicators (KPIs) have been confirmed.

Kepler has left SAP to final figures for the first quarter to "buy" with a target price of 55.00 €. The preliminary results of the well-known software company had confirmed and its earnings per share estimate has been reached, an analyst Laurent Daure wrote in a study on Wednesday. He would not reduce its full-year forecasts likely. However, the market could absorb the weak sales of the database Hana negative, as many analysts and investors in this regard for 2012, more than he expected.

JP Morgan has raised its target price for Scania of 160.00 to 166.00 Swedish crowns and the classification to "Overweight" to leave. In view of improved sales and price outlook, he has increased the profit expectations for 2012 and 2013, an analyst Nico Dil wrote in a study on Wednesday.

WestLB has upgraded the stock from Siemens to figures for the second quarter from "neutral" to "Add" and the price target to 80.00 (price: 70.58) € set. Incoming orders have the electric company disappointed, analyst Thomas Langer wrote in a study on Wednesday. The better-than-expected sales across all sectors but brought higher profits.

Commerzbank has upgraded Siemens to numbers and a conference call from "hold" to "buy" and raised its target price of 75.00 to 82.00 €. After the valuation of the stock market and the expectations for the business would have reduced that he reconsidered his cautious assessment of the electric company, analyst Ingo-Martin Schachel wrote in an updated study on Wednesday. He must now recognize that the assessment is increasingly attractive, and much of the negative judgment already priced. Irrespective of various cyclical and business risks, Siemens is a company with good margins, a strong balance sheet and ample liquidity returns.

- Commerzbank has downgraded United Internet on "Add" to "buy" and raised its target price of 16.00 to 19.00 €. The current price level is an excellent opportunity to invest in the stock, an analyst Heike Paul wrote in a study on Wednesday. The Internet service provider is likely due to new investments to expand the profit growth in the period 2012 to 2015 annual average of 21 percent.

Swiss bank UBS has graduated from Wacker Chemie "buy" to "neutral" and lowered its target price of 95.00 to 61.00 €. It specializes in the solar industry, chemical companies have to contend with unexpectedly low polysilicon prices and additional impairment at the subsidiary Siltronic, analyst Jean-Francois Meymandi wrote in a study on Wednesday. In addition, Wacker would depreciate faster and harder because of the competition's assets. This will dampen earnings in the long term. He had therefore its profit forecasts for the years 2012 and 2013 is 47 percent.