Is Berenberg a reliable analyst?

In short — Over 1 year, 60.6% of Berenberg's targets proved profitable, for an average gain of +9.0% per call (all calls, winners and losers) — i.e. +3.3% vs its sector, across 160 timestamped calls replayed against real prices. JPI verdict: fairly reliable. An analyst can be good in one sector and poor in another — details below.

60.6%profitable calls

+9.0%avg gain / call

+3.3%vs sector

160scored calls

In which sectors is Berenberg reliable?

Sector

Calls

% profitable

Avg gain 2015+

Avg gain 2020+

Last 12 months

▸ Tech

83.9%

+28.3%

+32.5%

+66.7% (1)

Stock	Rating	Issued	Matures (1yr)	Price at call	Target	End price	Targeted	Result
CRWD	▲ Buy	Jan 9, 26	Jan 9, 27	$116.75	🎯$600	$194.62	+414%	+67% so far
ADSK	▲ Buy	Jun 27, 25	Jun 27, 26	$309.57	🎯$365	$195.03	+18%	-36.9%
CDNS	▲ Buy	Oct 15, 24	Oct 15, 25	$269.47	🎯$320	$323.36	+19%	+20.3%
SNPS	▲ Buy	Oct 15, 24	Oct 15, 25	$517.56	🎯$660	$434.75	+28%	-15.8%
KLAC	▲ Buy	Jan 26, 24	Jan 25, 25	$59.94	🎯$690	$70.13	+1051%	+17.2%
ADSK	▲ Buy	Aug 24, 23	Aug 23, 24	$208.6	🎯$228	$254.49	+9%	+22.4%
AMAT	▲ Buy	Aug 21, 23	Aug 20, 24	$147.85	🎯$175	$208.47	+18%	+41.4%
AMAT	▲ Buy	Aug 18, 23	Aug 17, 24	$142.66	🎯$175	$211.14	+23%	+47.9%

Sample (7 recent finished + 1 in progress) of 31 calls.

▸ Materials

68.8%

+11.9%

+21.5%

—

Stock	Rating	Issued	Matures (1yr)	Price at call	Target	End price	Targeted	Result
ALB	▲ Buy	Apr 11, 24	Apr 11, 25	$130.31	🎯$160	$56.03	+23%	-56.5%
ALB	▲ Buy	Sep 8, 21	Sep 8, 22	$239.28	🎯$280	$291.92	+17%	+21.8%
CTVA	▲ Buy	Sep 1, 21	Sep 1, 22	$44.38	🎯$58	$60.8	+31%	+37%
CF	▲ Buy	Aug 17, 21	Aug 17, 22	$45.57	🎯$60	$103.44	+32%	+127.3%
MOS	▲ Buy	Apr 13, 21	Apr 13, 22	$32.25	🎯$40	$75.14	+24%	+132.7%
PPG	▲ Buy	Jan 14, 21	Jan 14, 22	$151.75	🎯$165	$165.41	+9%	+8.7%
ALB	▼ Sell	Jul 27, 20	Jul 27, 21	$85.78	🎯$68	$188.72	-21%	-120.3%
PPG	▲ Buy	Nov 6, 19	Nov 5, 20	$129.77	🎯$150	$138.85	+16%	+6.5%

Sample (8 recent finished + 0 in progress) of 16 calls.

▸ Real estate

57.1%

+12.1%

+11.0%

—

Stock	Rating	Issued	Matures (1yr)	Price at call	Target	End price	Targeted	Result
WELL	▲ Buy	Aug 16, 22	Aug 16, 23	$81.57	🎯$93	$81.57	+14%	+0.3%
WELL	▲ Buy	May 31, 22	May 31, 23	$88.16	🎯$100	$74.94	+13%	-15.4%
VICI	▲ Buy	Jan 20, 22	Jan 20, 23	$27.57	🎯$35	$33.64	+27%	+21.8%
EXR	▲ Buy	Oct 7, 21	Oct 7, 22	$172.43	🎯$198	$165.53	+15%	-4.2%
WELL	▲ Buy	Aug 3, 21	Aug 3, 22	$87.11	🎯$100	$82.75	+15%	-5.4%
DOC	▲ Buy	May 20, 21	May 20, 22	$33.18	—	$29.53	—	-11.3%
ARE	▲ Buy	Oct 2, 20	Oct 2, 21	$164.71	🎯$190	$194.36	+15%	+17.9%
INVH	▲ Buy	Oct 1, 20	Oct 1, 21	$28.77	🎯$32	$38.84	+11%	+34.9%

Sample (8 recent finished + 0 in progress) of 14 calls.

▸ Finance

55.6%

+6.4%

+9.8%

—

Stock	Rating	Issued	Matures (1yr)	Price at call	Target	End price	Targeted	Result
PYPL	▲ Buy	Jul 27, 22	Jul 27, 23	$86.42	🎯$145	$71.73	+68%	-16.6%
MS	▲ Buy	Apr 21, 21	Apr 21, 22	$79.25	🎯$91	$88.76	+15%	+12.2%
ICE	▲ Buy	Apr 20, 20	Apr 20, 21	$89.4	🎯$106	$119.8	+19%	+34%
CME	▲ Buy	Nov 20, 18	Nov 20, 19	$192.16	—	$207.53	—	+7.5%
ICE	▲ Buy	Jan 25, 18	Jan 25, 19	$74.94	🎯$90	$75.69	+20%	+1.1%
WFC	▼ Sell	Jul 21, 17	Jul 21, 18	$54.17	—	$57.96	—	-7.1%
GS	▼ Sell	Feb 24, 17	Feb 24, 18	$247.35	🎯$190	$272.09	-23%	-9.7%
JPM	▼ Sell	Jul 13, 16	Jul 13, 17	$63.16	🎯$52	$92.85	-18%	-47.4%

Sample (8 recent finished + 0 in progress) of 9 calls.

▸ Health

63.2%

+5.9%

+7.6%

+15.3% (1)

Stock	Rating	Issued	Matures (1yr)	Price at call	Target	End price	Targeted	Result
ABBV	▲ Buy	Sep 17, 25	Sep 17, 26	$220.81	🎯$270	$254.65	+22%	+15% so far
LLY	▲ Buy	Aug 14, 24	Aug 14, 25	$931.58	🎯$1050	$698.69	+13%	-24.7%
LLY	▲ Buy	Jul 11, 24	Jul 11, 25	$948.4	🎯$1000	$796.66	+5%	-15.7%
MRK	▲ Buy	Apr 8, 24	Apr 8, 25	$126.56	🎯$143	$78.47	+13%	-37.6%
MRK	▲ Buy	Mar 10, 23	Mar 9, 24	$107.69	🎯$130	$122.77	+21%	+14%
LLY	▲ Buy	Nov 22, 22	Nov 22, 23	$360.88	🎯$375	$595.45	+4%	+64.9%
MRK	▲ Buy	Sep 14, 22	Sep 14, 23	$86.95	🎯$100	$107.82	+15%	+24.5%
LLY	▲ Buy	Dec 20, 21	Dec 20, 22	$263.48	🎯$305	$360.97	+16%	+36.5%

Sample (7 recent finished + 1 in progress) of 19 calls.

▸ Industry

53.8%

+1.5%

+6.9%

—

Stock	Rating	Issued	Matures (1yr)	Price at call	Target	End price	Targeted	Result
EMR	▲ Buy	Mar 6, 24	Mar 6, 25	$109.8	🎯$130	$116.39	+18%	+6%
ETN	▲ Buy	Mar 6, 24	Mar 6, 25	$296.74	🎯$345	$278.94	+16%	-6.5%
HON	▲ Buy	Mar 6, 24	Mar 6, 25	$198.19	🎯$240	$208.1	+21%	+5.4%
UPS	▼ Sell	Jul 26, 22	Jul 26, 23	$183.9	🎯$200	$185.74	+9%	-1.4%
DAL	▲ Buy	Jul 20, 22	Jul 20, 23	$32.85	🎯$48.5	$48.62	+48%	+48.2%
OTIS	▲ Buy	Jun 22, 22	Jun 22, 23	$68.76	🎯$80	$85.95	+16%	+25.2%
UPS	▼ Sell	May 26, 22	May 26, 23	$182.53	🎯$200	$169.75	+10%	+7%
UPS	▼ Sell	Apr 26, 22	Apr 26, 23	$186.4	🎯$200	$177.08	+7%	+4.6%

Sample (8 recent finished + 0 in progress) of 39 calls.

▸ Cons. disc.

50%

+4.0%

+3.7%

—

Stock	Rating	Issued	Matures (1yr)	Price at call	Target	End price	Targeted	Result
TSLA	▲ Buy	Jan 30, 23	Jan 30, 24	$166.66	🎯$200	$191.66	+20%	+15%
MAR	▲ Buy	Sep 15, 22	Sep 15, 23	$162.51	🎯$185	$203.14	+14%	+25%
HLT	▲ Buy	Sep 15, 22	Sep 15, 23	$135.24	🎯$152	$154.17	+12%	+14.2%
GM	▲ Buy	May 10, 22	May 10, 23	$38.7	🎯$55	$32.9	+42%	-14.5%
RCL	▼ Sell	Feb 12, 21	Feb 12, 22	$67.63	🎯$55	$82.51	-19%	-22.4%
CCL	▼ Sell	Feb 12, 21	Feb 12, 22	$20.6	🎯$14	$21.42	-32%	-3.7%
APTV	▲ Buy	Oct 6, 20	Oct 6, 21	$99.19	🎯$115	$164.66	+16%	+66.2%
CCL	▼ Sell	Jun 18, 20	Jun 18, 21	$18.82	🎯$10	$28.23	-47%	-49.7%

Sample (8 recent finished + 0 in progress) of 16 calls.

▸ Cons. staples

36.4%

-4.6%

-3.8%

—

Stock	Rating	Issued	Matures (1yr)	Price at call	Target	End price	Targeted	Result
EL	▲ Buy	Aug 23, 21	Aug 23, 22	$337.6	🎯$383	$266.7	+13%	-21.4%
KMB	▲ Buy	Oct 16, 20	Oct 16, 21	$153.33	🎯$181	$131.86	+18%	-14.2%
MDLZ	▲ Buy	Jun 15, 20	Jun 15, 21	$51.22	🎯$61	$63.51	+19%	+24.3%
PG	▼ Sell	Feb 28, 18	Feb 28, 19	$78.52	🎯$78.5	$98.94	+0%	-25.5%
MO	▲ Buy	Dec 19, 17	Dec 19, 18	$73.9	—	$51.73	—	-30.4%
TAP	▼ Sell	Sep 13, 17	Sep 13, 18	$88.58	🎯$78	$63.78	-12%	+28.3%
KHC	▲ Buy	Jun 7, 17	Jun 7, 18	$93.77	🎯$102	$58.14	+9%	-38.5%
MDLZ	▲ Buy	Jan 5, 17	Jan 5, 18	$45	—	$43.2	—	-3.9%

Sample (8 recent finished + 0 in progress) of 11 calls.

The stocks Berenberg covers (track record per stock)

Stock

Calls

% profitable

Avg gain 2015+

Avg gain 2020+

Last 12 months

▸ AMAT Applied Materials

100%

+59.3%

—

Stock	Rating	Issued	Matures (1yr)	Price at call	Target	End price	Targeted	Result
AMAT	▲ Buy	Aug 21, 23	Aug 20, 24	$147.85	🎯$175	$208.47	+18%	+41.4%
AMAT	▲ Buy	Aug 18, 23	Aug 17, 24	$142.66	🎯$175	$211.14	+23%	+47.9%
AMAT	▲ Buy	Oct 14, 22	Oct 14, 23	$74.82	🎯$120	$140.66	+60%	+88.5%
AMAT	▲ Buy	Sep 26, 13	Sep 26, 14	$17.77	—	$21.68	—	+22.3%

▸ KLAC KLA Corporation

100%

+48.8%

+51.8%

—

Stock	Rating	Issued	Matures (1yr)	Price at call	Target	End price	Targeted	Result
KLAC	▲ Buy	Jan 26, 24	Jan 25, 25	$59.94	🎯$690	$70.13	+1051%	+17.2%
KLAC	▲ Buy	Oct 14, 22	Oct 14, 23	$26.37	🎯$390	$49.05	+1379%	+86.3%
KLAC	▲ Buy	Oct 6, 16	Oct 6, 17	$7.18	—	$10.27	—	+42.7%

▸ PTC PTC Inc.

66.7%

+32.4%

+35.3%

—

Stock	Rating	Issued	Matures (1yr)	Price at call	Target	End price	Targeted	Result
PTC	▲ Buy	Jan 11, 23	Jan 11, 24	$127.21	🎯$155	$171.73	+22%	+35.3%
PTC	▲ Buy	Aug 23, 17	Aug 23, 18	$54.73	🎯$66	$97.42	+21%	+77.6%
PTC	▲ Buy	Apr 9, 15	Apr 8, 16	$37.94	🎯$43	$31.87	+13%	-15.8%

▸ ACN Accenture

100%

+27.4%

+32.1%

—

Stock	Rating	Issued	Matures (1yr)	Price at call	Target	End price	Targeted	Result
ACN	▲ Buy	Feb 2, 21	Feb 2, 22	$248.37	🎯$285	$345.23	+15%	+39.1%
ACN	▲ Buy	Jan 21, 20	Jan 20, 21	$209.15	🎯$240	$261.44	+15%	+25.1%
ACN	▲ Buy	Oct 13, 16	Oct 13, 17	$118.11	—	$139.37	—	+17.9%
ACN	▲ Buy	Mar 11, 14	Mar 11, 15	$83.55	—	$86.89	—	+4%

▸ EMR Emerson Electric

66.7%

+12.9%

+28.1%

—

Stock	Rating	Issued	Matures (1yr)	Price at call	Target	End price	Targeted	Result
EMR	▲ Buy	Mar 6, 24	Mar 6, 25	$109.8	🎯$130	$116.39	+18%	+6%
EMR	▲ Buy	Aug 20, 20	Aug 20, 21	$67.66	🎯$83	$101.49	+23%	+50.3%
EMR	▼ Sell	Oct 3, 16	Oct 3, 17	$53.8	🎯$41	$63.48	-24%	-17.7%

▸ DAL Delta Air Lines

66.7%

+2.0%

+25.0%

—

Stock	Rating	Issued	Matures (1yr)	Price at call	Target	End price	Targeted	Result
DAL	▲ Buy	Jul 20, 22	Jul 20, 23	$32.85	🎯$48.5	$48.62	+48%	+48.2%
DAL	▲ Buy	Jan 25, 22	Jan 25, 23	$38.72	🎯$50	$39.49	+29%	+1.7%
DAL	▲ Buy	Sep 6, 19	Sep 5, 20	$57.98	🎯$72	$32.47	+24%	-43.9%

▸ LLY Lilly (Eli)

50%

+15.8%

+20.2%

—

Stock	Rating	Issued	Matures (1yr)	Price at call	Target	End price	Targeted	Result
LLY	▲ Buy	Aug 14, 24	Aug 14, 25	$931.58	🎯$1050	$698.69	+13%	-24.7%
LLY	▲ Buy	Jul 11, 24	Jul 11, 25	$948.4	🎯$1000	$796.66	+5%	-15.7%
LLY	▲ Buy	Nov 22, 22	Nov 22, 23	$360.88	🎯$375	$595.45	+4%	+64.9%
LLY	▲ Buy	Dec 20, 21	Dec 20, 22	$263.48	🎯$305	$360.97	+16%	+36.5%
LLY	▲ Buy	Oct 11, 21	Oct 11, 22	$233.67	🎯$270	$327.14	+16%	+40.2%
LLY	▲ Buy	Aug 27, 15	Aug 26, 16	$83.74	🎯$100	$77.88	+19%	-6.6%

▸ WELL Welltower

50%

+11.6%

—

Stock	Rating	Issued	Matures (1yr)	Price at call	Target	End price	Targeted	Result
WELL	▲ Buy	Aug 16, 22	Aug 16, 23	$81.57	🎯$93	$81.57	+14%	+0.3%
WELL	▲ Buy	May 31, 22	May 31, 23	$88.16	🎯$100	$74.94	+13%	-15.4%
WELL	▲ Buy	Aug 3, 21	Aug 3, 22	$87.11	🎯$100	$82.75	+15%	-5.4%
WELL	▲ Buy	Jul 22, 20	Jul 22, 21	$52.33	🎯$56	$87.39	+7%	+66.9%

▸ BMY Bristol Myers Squibb

66.7%

0.0%

+11.3%

—

Stock	Rating	Issued	Matures (1yr)	Price at call	Target	End price	Targeted	Result
BMY	▲ Buy	Oct 11, 21	Oct 11, 22	$57.42	🎯$71	$69.48	+24%	+21.3%
BMY	▲ Buy	Sep 29, 20	Sep 29, 21	$59.9	🎯$73	$60.5	+22%	+1.2%
BMY	▲ Buy	Jan 22, 16	Jan 21, 17	$64.4	—	$50.23	—	-22.4%

▸ ADSK Autodesk

60%

+7.7%

+1.9%

—

Stock	Rating	Issued	Matures (1yr)	Price at call	Target	End price	Targeted	Result
ADSK	▲ Buy	Jun 27, 25	Jun 27, 26	$309.57	🎯$365	$195.03	+18%	-36.9%
ADSK	▲ Buy	Aug 24, 23	Aug 23, 24	$208.6	🎯$228	$254.49	+9%	+22.4%
ADSK	▲ Buy	Jan 11, 23	Jan 11, 24	$199.93	🎯$230	$239.92	+15%	+20.4%
ADSK	▲ Buy	Aug 23, 17	Aug 23, 18	$110.61	🎯$136	$157.07	+23%	+42.1%
ADSK	▲ Buy	Apr 9, 15	Apr 8, 16	$62.81	🎯$75	$56.53	+19%	-9.6%

▸ MRK Merck & Co.

75%

+4.0%

+0.3%

—

Stock	Rating	Issued	Matures (1yr)	Price at call	Target	End price	Targeted	Result
MRK	▲ Buy	Apr 8, 24	Apr 8, 25	$126.56	🎯$143	$78.47	+13%	-37.6%
MRK	▲ Buy	Mar 10, 23	Mar 9, 24	$107.69	🎯$130	$122.77	+21%	+14%
MRK	▲ Buy	Sep 14, 22	Sep 14, 23	$86.95	🎯$100	$107.82	+15%	+24.5%
MRK	▲ Buy	Nov 24, 15	Nov 23, 16	$51.03	—	$58.68	—	+15.3%

▸ UPS United Parcel Service

50%

-1.9%

-0.1%

—

Stock	Rating	Issued	Matures (1yr)	Price at call	Target	End price	Targeted	Result
UPS	▼ Sell	Jul 26, 22	Jul 26, 23	$183.9	🎯$200	$185.74	+9%	-1.4%
UPS	▼ Sell	May 26, 22	May 26, 23	$182.53	🎯$200	$169.75	+10%	+7%
UPS	▼ Sell	Apr 26, 22	Apr 26, 23	$186.4	🎯$200	$177.08	+7%	+4.6%
UPS	▼ Sell	Feb 2, 22	Feb 2, 23	$228.69	🎯$200	$192.1	-13%	+16.2%
UPS	▼ Sell	Oct 27, 21	Oct 27, 22	$213.9	🎯$180	$166.84	-16%	+21.9%
UPS	▼ Sell	Jul 29, 21	Jul 29, 22	$191.36	🎯$180	$195.19	-6%	-2.1%
UPS	▼ Sell	May 27, 21	May 27, 22	$214.6	🎯$150	$182.41	-30%	+15.1%
UPS	▼ Sell	Oct 27, 20	Oct 27, 21	$155.78	🎯$130	$213.42	-17%	-37.3%

Sample (8 recent finished + 0 in progress) of 10 calls.

▸ FDX FedEx

33.3%

-17.1%

-5.1%

—

Stock	Rating	Issued	Matures (1yr)	Price at call	Target	End price	Targeted	Result
FDX	▲ Buy	Apr 27, 21	Apr 27, 22	$231.68	🎯$350	$159.86	+51%	-30.7%
FDX	▲ Buy	Sep 3, 20	Sep 3, 21	$178.06	🎯$280	$213.67	+57%	+20.4%
FDX	▲ Buy	Sep 21, 18	Sep 21, 19	$199.29	🎯$300	$117.58	+51%	-41.1%

▸ CCL Carnival Corporation

25%

-2.4%

-26.7%

—

Stock	Rating	Issued	Matures (1yr)	Price at call	Target	End price	Targeted	Result
CCL	▼ Sell	Feb 12, 21	Feb 12, 22	$20.6	🎯$14	$21.42	-32%	-3.7%
CCL	▼ Sell	Jun 18, 20	Jun 18, 21	$18.82	🎯$10	$28.23	-47%	-49.7%
CCL	▼ Sell	Sep 27, 19	Sep 26, 20	$43.58	—	$15.25	—	+64.9%
CCL	▲ Buy	Jun 27, 18	Jun 27, 19	$58.07	—	$45.88	—	-20.9%
CCL	▲ Buy	Apr 29, 14	Apr 29, 15	$39.54	🎯$50	$44.28	+26%	+12.3%

▸ ALB Albemarle Corporation

25%

-43.1%

-51.7%

—

Stock	Rating	Issued	Matures (1yr)	Price at call	Target	End price	Targeted	Result
ALB	▲ Buy	Apr 11, 24	Apr 11, 25	$130.31	🎯$160	$56.03	+23%	-56.5%
ALB	▲ Buy	Sep 8, 21	Sep 8, 22	$239.28	🎯$280	$291.92	+17%	+21.8%
ALB	▼ Sell	Jul 27, 20	Jul 27, 21	$85.78	🎯$68	$188.72	-21%	-120.3%
ALB	▲ Buy	Feb 27, 18	Feb 27, 19	$111.57	🎯$150	$92.6	+34%	-17.3%

% profitable = share of its calls that made money (1 year). Avg gain / call = average absolute gain per call (winners and losers). Point-in-time, S&P 500 backtest.