equity@bryangarnier

Bryan Garnier & Co is an independant pan-European Investment bank focused on growth-oriented investors and companies.

[equity@bryangarnier @BGequity]

We initiate coverage of Fresenius SE with a BUY rating and a Fair Value of EUR89 on a standalone basis representing 17% upside potential

[equity@bryangarnier @BGequity]

BEIERSDORF SELL, Fair Value EUR48 vs. EUR42 (-9%)
LFL 2012 sales growth est. raised slightly, but Q2 comp will be tough

[equity@bryangarnier @BGequity]

HERMÈS INTL. NEUTRAL, Fair Value EUR170 vs. EUR150
We raise our FY12 organic growth est. to 13.5% from 11%

[equity@bryangarnier @BGequity]

QIAGEN BUY vs. NEUTRAL, Fair Value EUR15.8 vs. EUR12
Positive momentum overshadows risks
We upgrade Qiagen to a Buy

[equity@bryangarnier @BGequity]

ACTELION BUY, Fair Value CHF42.5 vs. CHF29.1 (+11%)
Tracleer’s successor likely to be approved next year