Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Virginie Roumage

DANONE: Some colours about Q4 2020 and 2021 | BUY | EUR70 VS. EUR75

DANONE - BUY | EUR70 VS. EUR75 (+33%) Some colours about Q4 2020 and 2021 Unsurprising softness for the end of the year In 2021, top line to recover sharply but pressure on margin TP revised downwards to EUR70

Frederic Yoboue

Semiconductors: Semiconductor Top Picks 1Q21: ASM International and ASML

Semiconductors Semiconductor Top Picks 1Q21: ASM International and ASML We expect another solid year for the industry ASM International and ASML as our Top Picks for Q1 We downgrade Infineon to Neutral with a TP at EUR30 Adjusting our estimates and beta

Clement Genelot

CARREFOUR: A potential deal is gaining ground | BUY | EUR19

CARREFOUR - BUY | EUR19(+8%) A potential deal is gaining ground Discussions at a much more advanced stage than expected More reasons to believe in the finalisation of a deal than not Ranging from EUR20 to EUR25, still manageable for Couche-Tard Buy reiterated on Carrefour with further room to play the speculation Sell reiterated on Casino with EUR20 TP

Xavier Regnard

ITM POWER: The promises of the JV with Linde are starting to materialize | BUY | GBP650 VS. GBP600

ITM POWER - BUY | GBP650 VS. GBP600 (-2%) The promises of the JV with Linde are starting to materialize ITM will build the world’s biggest PEM electrolyser First sale via the JV with Linde, more to come Big projects can be challenging but the JV will limit the risk Buy rating confirmed, TP 650p vs. 600p

Eric Lemarie

Building Solutions: Bilfinger and Eiffage as Top Picks; Vinci back to Neutral

Building Solutions Bilfinger and Eiffage as Top Picks; Vinci back to Neutral Looking back to Q4 2020: fine performance for most of our coverage What we see for Q1 2021 – key trends & drivers Company specific reasons for our top pick selection

Thomas Coudry

VIVENDI: Football rights: new kick off | BUY | EUR27 VS. EUR26

VIVENDI - BUY | EUR27 VS. EUR26 (+5%) Football rights: new kick off Following the failure of Mediapro, the door is wide open for Canal+ Getting a return on additional spend will be challenging… … but value lies elsewhere Removed from top pick list, Buy confirmed.

Olga Smolentseva

4D PHARMA (CORPORATE, TP 407p) | Presentations at SITC support MRx0518 development:

4D PHARMA (CORPORATE, TP 407p) | Presentations at SITC support MRx0518 development:

Eric Lemarie

TARKETT: Everything has a value | BUY vs. NEUTRAL | EUR13 vs. EUR8 (+35%)

TARKETT - BUY vs. NEUTRAL | EUR13 vs. EUR8 (+35%) Everything has a value 2020 woes well translated in the share price Liquidity looks like a manageable issue The momentum looks better Not a value trap anymore

Eric Le Berrigaud

ASTRAZENECA - BUY - Top Picks | 8780p(+1%) ADAURA: outstanding results, paving the way for new SoC in adjuvant NSCLC

Top-line data even greater then thought Modelling consequences

Nikolaas Faes

FLOWR: Feedback from virtual meeting | BUY | CAD1.2(+97%)

FLOWR - BUY | CAD1.2(+97%) Feedback from virtual meeting From recreational in Canada to medical cannabis in Europe High THC products is what recreational consumer want Nearing cash flow break-even The latest capital raising should be the last one

Virginie Roumage

DANONE: Some colours about Q4 2020 and 2021 | BUY | EUR70 VS. EUR75

DANONE - BUY | EUR70 VS. EUR75 (+33%) Some colours about Q4 2020 and 2021 Unsurprising softness for the end of the year In 2021, top line to recover sharply but pressure on margin TP revised downwards to EUR70

Frederic Yoboue

Semiconductors: Semiconductor Top Picks 1Q21: ASM International and ASML

Semiconductors Semiconductor Top Picks 1Q21: ASM International and ASML We expect another solid year for the industry ASM International and ASML as our Top Picks for Q1 We downgrade Infineon to Neutral with a TP at EUR30 Adjusting our estimates and beta

Clement Genelot

CARREFOUR: A potential deal is gaining ground | BUY | EUR19

CARREFOUR - BUY | EUR19(+8%) A potential deal is gaining ground Discussions at a much more advanced stage than expected More reasons to believe in the finalisation of a deal than not Ranging from EUR20 to EUR25, still manageable for Couche-Tard Buy reiterated on Carrefour with further room to play the speculation Sell reiterated on Casino with EUR20 TP

Xavier Regnard

ITM POWER: The promises of the JV with Linde are starting to materialize | BUY | GBP650 VS. GBP600

ITM POWER - BUY | GBP650 VS. GBP600 (-2%) The promises of the JV with Linde are starting to materialize ITM will build the world’s biggest PEM electrolyser First sale via the JV with Linde, more to come Big projects can be challenging but the JV will limit the risk Buy rating confirmed, TP 650p vs. 600p

Eric Lemarie

Building Solutions: Bilfinger and Eiffage as Top Picks; Vinci back to Neutral

Building Solutions Bilfinger and Eiffage as Top Picks; Vinci back to Neutral Looking back to Q4 2020: fine performance for most of our coverage What we see for Q1 2021 – key trends & drivers Company specific reasons for our top pick selection

EDF (NEUTRAL, FV Under Review) | Dividend for 2019 dropped, the guidance for 2020 will follow soon

Healthcare: Top Picks Q2 2020: Three large cap pharma out of four names for the next quarter

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