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Bank of America Merrill Lynch

Start of Coverage: 04-08-2009

Resume of the last report made by this analyst

We trim our EPS forecasts by -0.7% and -1.3% for 2016E and 2017E, placing us 3% and 7% below consensus (source: Bloomberg), respectively. We believe at the current price sustained high sales growth is being priced in. We downgrade to Underperform from Neutral and cut our PO to €13 from €13.5.

Analyst: Kiranjot Grewal

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