2018

18 June 2018, Wood & Company

Recommendation Buy
Target price 51.70 PLN
Current price 37.80 PLN
Time horizon 12 months

Analysts from Wood & Company changed their recommendation for PZU shares from "Hold" to "Buy" and increased TP to PLN 51.70 from PLN 51.10.

Analyst

Marta Jeżewska-Wasilewska +48 22 222 15 48 marta.jezewska-wasilewska@wood.com

1 June 2018, Erste

Recommendation Hold
Target price 37.00 PLN
Current price 36.30 PLN
Time horizon 12 months

Analysts from Erste Group changed their recommendation for PZU shares from "Sell" to "Hold", and they kept TP at PLN 37.00 unchanged.

Analyst

Thomas Unger +43 (0)5 0100 - 17344 thomas.unger@erstegroup.com

7 February 2018, DM BH (Citi)

Recommendation Buy
Target price 48.90 PLN
Current price 42.48 PLN
Time horizon 12 months

Analysts from CITI DM BH changed their recommendation for PZU shares from "sell - high risk" to "buy" and increased TP to PLN 48.90 from PLN 48.40.

Analyst

Andrzej Powierża +48 22 690 35 66 andrzej.powierza@citi.com

5 February 2018, JP Morgan

Recommendation Overweight
Target price 58.80 PLN
Current price 43.65 PLN
Time horizon 12 months

Analysts from JP Morgan supported "Overweight" recommendation for PZU shares and increased TP to PLN 58.80 from PLN 51.90.

Analyst

Michał Kużawiński +48 22 44 19534 michal.kuzawinski@jpmorgan.com

5 January 2018, mBank

Recommendation Buy
Target price 51.83 PLN
Current price 45.00 PLN
Time horizon 9 months

Analysts from mBank changed "Accumulate" to "Buy" recommendation for PZU shares and maintained TP at PLN 51.83.

Analyst

Michał Konarski +48 22 438 24 05 michal.konarski@mdm.pl

2017

18 December 2017, PKO Dom Maklerski

Recommendation Buy
Target price 50.00 PLN
Current price 42.69 PLN
Time horizon 12 months

Analysts from PKO DM changed “Hold” to “Buy” recommendation for PZU shares and increased TP to PLN 50.00 from PLN 39.00.

Analyst

Jaromir Szortyka +48 22 580 39 47 jaromir.szortyka@pkobp.pl

11 December 2017, Deutsche Bank

Recommendation Hold
Target price 44.00 PLN
Current price 43.40 PLN
Time horizon 12 months

Analysts from Deutsche Bank supported "Hold" recommendation for PZU shares and increased TP to PLN 44.00 from PLN 37.00.

Analyst

Larissa Van-Deventer +27 11 775 7049

4 December 2017, JP Morgan

Recommendation Overweight
Target price 51.90 PLN
Current price 45.24 PLN
Time horizon 12 months

Analysts from JP Morgan supported "Overweight" recommendation for PZU shares and increased TP to PLN 51.90 from PLN 51.30.

Analyst

Michał Kużawiński +48 22 44 19534 michal.kuzawinski@jpmorgan.com

28 September 2017, Wood & Company

Recommendation Hold
Target price 51.10 PLN
Current price 46.76 PLN
Time horizon 12 months

Analysts from Wood & Company resumed issuing recommendations for PZU shares and set a new target price of PLN 51.10 (“Hold”).

Analyst

Marta Jeżewska-Wasilewska +48 22 222 15 48 marta.jezewska-wasilewska@wood.com

28 September 2017, HSBC

Recommendation Buy
Target price 52.50 PLN
Current price 47.09 PLN
Time horizon 12 months

Analysts from HSBC supported "Buy" recommendation for PZU shares and increased TP to PLN 52.50 from PLN 48.00.

Analyst

Dhruv Gahlaut +44 20 7991 6728 dhruv.gahlaut@hsbcib.com

1 September 2017, mBank

Recommendation Accumulate
Target price 51.83 PLN
Current price 48.28 PLN
Time horizon 9 months

Analysts from mBank changed "Buy" to "Accumulate" recommendation for PZU shares and maintained TP at PLN 51.83.

Analyst

Michał Konarski +48 22 438 24 05 michal.konarski@mdm.pl

1 September 2017, UBS

Recommendation Neutral
Target price 47.50 PLN
Current price 48.28 PLN
Time horizon 12 months

Analysts from UBS supported "Neutral" recommendation for PZU shares and increased TP to PLN 47.50 from PLN 44.00.

Analyst

Michael Christelis +27 11 322 7320 michael.christelis@ubs.com

16 August 2017, Raiffeisen Centrobank

Recommendation Buy
Target price 51.00 PLN
Current price 45.66 PLN
Time horizon 12 months

Analysts from Raiffeisen Centrobank supported "Buy" recommendation for PZU shares and increased TP to PLN 51.00 from PLN 37.00.

Analyst

Bernd Maurer +43 1 51520 706 maurer@rcb.at

8 August 2017, Ipopema

Recommendation Buy
Target price 55.40 PLN
Current price 45.80 PLN
Time horizon 12 months

Analysts from Ipopema resumed issuing recommendations for PZU shares and set a new target price of PLN 55.40 (“Buy”).

Analyst

+48 22 236 92 30 lukasz.janczak@ipopema.pl

18 July 2017, mBank

Recommendation Buy
Target price 51.83 PLN
Current price 44.19 PLN
Time horizon 9 months

Analysts from mBank supported "Buy" recommendation for PZU shares and increased TP to PLN 51.83 from PLN 44.63.

Analyst

Michał Konarski +48 22 438 24 05 michal.konarski@mdm.pl

23 June 2017, JP Morgan

Recommendation Overweight
Target price 51.30 PLN
Current price 44.30 PLN
Time horizon 12 months

Analysts from JP Morgan supported "Overweight" recommendation for PZU shares and increased TP to PLN 51.30 from PLN 47.45.

Analyst

Michał Kużawiński +48 22 44 19534 michal.kuzawinski@jpmorgan.com

20 June 2017, Erste

Recommendation Sell
Target price 37.00 PLN
Current price 44.40 PLN
Time horizon 12 months

Analysts from Erste Group changed their recommendation for PZU shares from "Hold" to "Sell", and increased TP to PLN 37.00 from PLN 28.00.

Analyst

Thomas Unger +43 (0)5 0100 - 17344 thomas.unger@erstegroup.com

14 June 2017, DM BH (Citi)

Recommendation Sell / High Risk
Target price 43.70 PLN
Current price 45.24 PLN
Time horizon 12 months

Analysts from CITI DM BH changed "Neutral/High Risk" to "Sell/High Risk" recommendation for PZU shares and increased TP to PLN 43.70 from PLN 38.50.

Analyst

Andrzej Powierża +48 22 690 35 66 andrzej.powierza@citi.com

5 June 2017, Trigon

Recommendation Buy
Target price 51.70 PLN
Current price 44.95 PLN
Time horizon 12 months

Analysts from Trigon DM changed "Hold" to "Buy" recommendation for PZU shares and increased TP to PLN 51.70 from PLN 40.00.

Analyst

Maciej Marcinowski +48 22 433 83 75 maciej.marcinowski@trigon.pl

19 May 2017, HSBC

Recommendation Buy
Target price 48.00 PLN
Current price 44.50 PLN
Time horizon 12 months

Analysts from HSBC supported "Buy" recommendation for PZU shares and increased TP to PLN 48.00 from PLN 42.50

Analyst

Dhruv Gahlaut +44 20 7991 6728 dhruv.gahlaut@hsbcib.com

26 April 2017, JP Morgan

Recommendation Overweight
Target price 47.45 PLN
Current price 40.00 PLN
Time horizon 12 months

Analysts from JP Morgan changed "Neutral" to "Overweight" recommendation for PZU shares and increased TP to PLN 47.45 from PLN 37.00

Analyst

Michał Kużawiński +48 22 44 19534 michal.kuzawinski@jpmorgan.com

24 April 2017, Trigon

Recommendation Hold
Target price 40.00 PLN
Current price 37.40 PLN
Time horizon 12 months

Analysts from Trigon DM changed "Buy" to "Hold" recommendation for PZU shares and increased TP to PLN 40.00 from PLN 36.00.

Analyst

Maciej Marcinowski +48 22 433 83 75 maciej.marcinowski@trigon.pl

24 April 2017, HSBC

Recommendation Buy
Target price 42.50 PLN
Current price 38.70 PLN
Time horizon 12 months

Analysts from HSBC supported "Buy" recommendation for PZU shares and increased TP to PLN 42.50 from PLN 37.50

Analyst

Dhruv Gahlaut +44 20 7991 6728 dhruv.gahlaut@hsbcib.com

11 April 2017, DM BH (Citi)

Recommendation Neutral / High Risk
Target price 38,50 PLN
Current price 37,45 PLN
Time horizon 12 months

Analysts from CITI DM BH changed "Buy/High Risk" to "Neutral/High Risk" recommendation for PZU shares and increased TP to PLN 38.50 from PLN 35.20.

Analyst

Andrzej Powierża +48 22 690 35 66 andrzej.powierza@citi.com

3 March 2017, PKO Dom Maklerski

Recommendation Hold
Target price 39.00 PLN
Current price 36.30 PLN
Time horizon 12 months

Analysts from PKO DM changed "Buy" to "Hold" recommendation for PZU shares and increased TP to PLN 39.00 from PLN 33.00.

Analyst

Jaromir Szortyka +48 22 580 39 47 jaromir.szortyka@pkobp.pl

27 January 2017, UBS

Recommendation Neutral
Target price 37.00 PLN
Current price 35.68 PLN
Time horizon 12 months

Analysts from UBS changed "Buy" to "Neutral" recommendation for PZU shares and increased TP to PLN 37.00 from PLN 36.00.

Analyst

Michael Christelis +27 11 322 7320 michael.christelis@ubs.com

27 January 2017, mBank

Recommendation Buy
Target price 44.63 PLN
Current price 35.50 PLN
Time horizon 9 months

Analysts from mBank supported "Buy" recommendation for PZU shares and increased TP to PLN 44.63 from PLN 42.44.

Analyst

Michał Konarski +48 22 438 24 05 michal.konarski@mdm.pl

5 January 2017, JP Morgan

Recommendation Neutral
Target price 37.00 PLN
Current price 33.34 PLN
Time horizon 12 months

Analysts from JP Morgan supported "Neutral" recommendation for PZU shares and increased TP to PLN 37.00 from PLN 32.00.

Analyst

Michael Huttner +44 20 7325 9175 michael.huttner@jpmorgan.com

2016

12 December 2016, HSBC

Recommendation Buy
Target price 37.30 PLN
Current price 32.24 PLN
Time horizon 12 months

Analysts from HSBC changed their recommendation for PZU shares from "Reduce" to "Buy" and increased TP to PLN 37.30 from PLN 26.50.

Analyst

Dhruv Gahlaut +44 20 7991 6728 dhruv.gahlaut@hsbcib.com

9 December 2016, Raiffeisen Centrobank

Recommendation Buy
Target price 37.00 PLN
Current price 32.24 PLN
Time horizon 12 months

Analysts from Raiffeisen Centrobank changed their recommendation for PZU shares from "Hold" to "Buy" and increased TP to PLN 37.00 from PLN 31.00.

Analyst

Bernd Maurer +43 1 51520 706 maurer@rcb.at

11 November 2016, Haitong Bank

Recommendation Buy
Target price 32.00 PLN
Current price 28.00 PLN
Time horizon 12 months

Analysts from Haitong Bank supported "Buy" recommendation for PZU shares, and increased TP to PLN 32.00 from PLN 30.00.

Analyst

Kamil Stolarski +48 22 347 40 48 kstolarski@haitongib.pl

10 November 2016, UBS

Recommendation Buy
Target price 36.00 PLN
Current price 28.19 PLN
Time horizon 12 months

Analysts from UBS supported "Buy" recommendation for PZU shares and decreased TP to PLN 36.00 from PLN 38.00.

Analyst

Michael Christelis +27 11 322 7320 michael.christelis@ubs.com

28 October 2016, JP Morgan

Recommendation Neutral
Target price 32.00 PLN
Current price 27.00 PLN
Time horizon 12 months

Analysts from JP Morgan supported "Neutral" recommendation for PZU shares and increased TP to PLN 32.00 from PLN 30.00.

Analyst

Michael Huttner +44 20 7325 9175 michael.huttner@jpmorgan.com

25 October 2016, DM BH (Citi)

Recommendation Buy / High Risk
Target price 35.20 PLN
Current price 27.30 PLN
Time horizon 12 months

Analysts from DM BH (Citi) supported "Buy/High Risk" recommendation for PZU shares and decreased TP to PLN 35.20 from PLN 35.40.

Analyst

Andrzej Powierża +48 22 690 35 66 andrzej.powierza@citi.com

19 October 2016, Trigon

Recommendation Buy
Target price 36,00 PLN
Current price 25,30 PLN
Time horizon 12 months

12 months Buy 36.00 25.30 Analysts from Trigon resumed issuing recommendations for PZU shares and set the new target price of PLN 36.00 (“Buy”).

Analyst

Maciej Marcinowski +48 22 433 83 75 maciej.marcinowski@trigon.pl

7 October 2016, Erste

Recommendation Hold
Target price 28.00 PLN
Current price 26.18 PLN
Time horizon 12 months

Analysts from Erste Group changed their recommendation for PZU shares from "Accumulate" to "Hold", and decreased TP to PLN 28.00 from PLN 40.00.

Analyst

Thomas Unger +43 (0)5 0100 - 17344 thomas.unger@erstegroup.com

5 October 2016, Haitong Bank

Recommendation Buy
Target price 30.00 PLN
Current price 26.13 PLN
Time horizon 12 months

Analysts from Haitong Bank supported "Buy" recommendation for PZU shares, and decreased TP to PLN 30 from PLN 43.

Analyst

Kamil Stolarski +48 22 347 40 48 kstolarski@haitongib.pl

14 September 2016, Societe Generale

Recommendation Hold
Target price 27.00 PLN
Current price 27.70 PLN
Time horizon 12 months

Analysts from Societe Generale supported "Hold" recommendation for PZU shares and decreased TP to PLN 27.00 from PLN 38.00.

Analyst

Jason Kalamboussis +44 20 7762 4076 jason.kalamboussis@sgcib.com

4 August 2016, Raiffeisen Centrobank

Recommendation Hold
Target price 31,00 PLN
Current price 28,19 PLN
Time horizon 12 months

Analysts from Raiffeisen Centrobank supported "Hold" recommendation for PZU shares and decreased TP to PLN 31.00 from PLN 35.00.

Analyst

Bernd Maurer +43 1 51520 706 maurer@rcb.at

3 August 2016, DM BH (Citi)

Recommendation Buy / High Risk
Target price 35,40 PLN
Current price 29,08 PLN
Time horizon 12 months

Analysts from DM BH (Citi) changed their recommendation for PZU shares from "Buy" to "Buy/High Risk" and decreased TP to PLN 35.40 from PLN 38.80.

Analyst

Andrzej Powierża +48 22 690 35 66 andrzej.powierza@citi.com

14 July 2016, PKO Dom Maklerski

Recommendation Buy
Target price 33,00 PLN
Current price 27,37 PLN
Time horizon 12 months

Analysts from PKO DM supported "Buy" recommendation for PZU shares and decreased TP to PLN 33.00 from PLN 45.70.

Analyst

Jaromir Szortyka +48 22 580 39 47 jaromir.szortyka@pkobp.pl

29 June 2016, HSBC

Recommendation Reduce
Target price 26.50 PLN
Current price 29.40 PLN
Time horizon 12 months

Anaysts from HSBC supported „Reduce” recommendation for PZU shares and decreased TP to 26.50 zł from 32,00 zł.

Analyst

Dhruv Gahlaut +44 20 7991 6728 dhruv.gahlaut@hsbcib.com

27 June 2016, JP Morgan

Recommendation Neutral
Target price 30,00 PLN
Current price 28,80 PLN
Time horizon 12 months

Analysts from JP Morgan changed their recommendation for PZU shares from "Overweight" to "Neutral" and decreased TP to PLN 30.00 from PLN 42.00.

Analyst

Michael Huttner +44 20 7325 9175 michael.huttner@jpmorgan.com

10 June 2016, UBS

Recommendation Buy
Target price 38,00 PLN
Current price 31,70 PLN
Time horizon 12 months

Analysts from UBS changed their recommendation for PZU shares from "Neutral" to "Buy", leaving the TP unchanged, i.e. PLN 38.00.

Analyst

Michael Christelis +27 11 322 7320 michael.christelis@ubs.com

3 June 2016, Raiffeisen Centrobank

Recommendation Hold
Target price 35,00 PLN
Current price 30,69 PLN
Time horizon 12 months

Analysts from Raiffeisen Centrobank supported "Hold" recommendation for PZU shares and decreased TP to PLN 35.00 from PLN 37.50.

Analyst

Bernd Maurer +43 1 51520 706 maurer@rcb.at

26 April 2016, DM BH (Citi)

Recommendation Buy
Target price 38,80 PLN
Current price 34,69 PLN
Time horizon 12 months

Analysts from DM BH (Citi) supported "Buy" recommendation for PZU shares and decreased TP to PLN 38.80 from PLN 40.40.

Analyst

Andrzej Powierża +48 22 690 35 66 andrzej.powierza@citi.com

22 April 2016, Deutsche Bank

Recommendation Hold
Target price 37,00 PLN
Current price 35,25 PLN
Time horizon 12 months

Analysts from Deutsche Bank changed their recommendation for PZU shares from "Buy" to "Hold" and decreased TP to PLN 37 from PLN 48.

Analyst

Marcin Jabłczyński +48 22 579 87 33 marcin.jablczynski@db.com

8 April 2016, Societe Generale

Recommendation Hold
Target price 38,00 PLN
Current price 35,10 PLN
Time horizon 12 months

Analysts from Societe Generale supported "Hold" recommendation for PZU shares and decreased TP to PLN 38.00 from PLN 39.50.

Analyst

Jason Kalamboussis +44 20 7762 4076 jason.kalamboussis@sgcib.com

4 April 2016, HSBC

Recommendation Reduce
Target price 32,00 PLN
Current price 35,60 PLN
Time horizon 12 months

Analysts from HSBC supported “Reduce” recommendation for PZU shares and decreased TP to PLN 32.00 from PLN 32.30.

Analyst

Dhruv Gahlaut +44 20 7991 6728 dhruv.gahlaut@hsbcib.com

30 March 2016, Raiffeisen Centrobank

Recommendation Hold
Target price 37,50 PLN
Current price 34,60 PLN
Time horizon 12 months

Analysts from Raiffeisen Centrobank supported "Hold" recommendation for PZU shares and increased TP to PLN 37.50 from PLN 35.00.

Analyst

Bernd Maurer +43 1 51520 706 maurer@rcb.at

15 March 2016, Autonomous

Recommendation Underperform
Target price 29.50 PLN
Current price 36.00 PLN
Time horizon 12 months

Analysts from Autonomous supported "Underperform" recommendation for PZU shares and decreased TP to PLN 29.50 from PLN 36.00.

Analyst

Youdish Chicooree +44 20 7776 3442 ychicooree@autonomous.com

9 March 2016, Erste

Recommendation Accumulate
Target price 40,00 PLN
Current price 35,00 PLN
Time horizon 12 months

Analysts from Erste Group changed their recommendation for PZU shares to "Accumulate" from "Hold", and decreased TP to PLN 40 from PLN 45.50

Analyst

Thomas Unger +43 (0)5 0100 - 17344 thomas.unger@erstegroup.com

8 February 2016, Ipopema

Recommendation Buy
Target price 36.00 PLN
Current price 31.40 PLN
Time horizon 12 months

Analysts from Ipopema changed their recommendation for PZU shares to "Buy" from "Hold", and decreased TP to PLN 36 from PLN 47.50.

Analyst

Iza Rokicka + 48 22 236 92 31 iza.rokicka@ipopema.pl

2 February 2016, mBank

Recommendation Buy
Target price 42,44 PLN
Current price 32,33 PLN
Time horizon 9 months

Analysts from mBank supported their "buy" recommendation for PZU shares and decreased TP to PLN 42.44 from PLN 45.82.

Analyst

Michał Konarski +48 22 438 24 05 michal.konarski@mdm.pl

1 February 2016, JP Morgan

Recommendation Overweight
Target price 42,00 PLN
Current price 32,27 PLN
Time horizon 12 months

Analysts from JP Morgan supported their "overweight" recommendation for PZU shares and decreased TP to PLN 42.00 from PLN 49.80.

Analyst

Michael Huttner +44 20 7325 9175 michael.huttner@jpmorgan.com

2015

14 December 2015, ING

Recommendation Hold
Target price 42,50 PLN
Current price 31,50 PLN
Time horizon 12 months

Analysts from ING supported their "Buy" recommendation for PZU shares and decreased TP to PLN 42.50 from PLN 44.71.

Analyst

Piotr Palenik +48 22 820 50 20

14 December 2015, Raiffeisen Centrobank

Recommendation Hold
Target price 35,00 PLN
Current price 31,50 PLN
Time horizon 12 months

Analysts from Raiffeisen Centrobank supported "Hold" recommendation for PZU shares and decreased TP to PLN 35.00 from PLN 40.00.

Analyst

Bernd Maurer +43 1 51520 706 maurer@rcb.at

8 December 2015, DM BH (Citi)

Recommendation Buy
Target price 40,40 PLN
Current price 34,81 PLN
Time horizon 12 months

Analysts from DM BH (Citi) supported "Buy" recommendation for PZU shares and decreased TP to PLN 40.40 from PLN 46.90.

Analyst

Andrzej Powierża +48 22 690 35 66 andrzej.powierza@citi.com

27 November 2015, ING

Recommendation Buy
Target price 447,10 PLN
Current price 383,50 PLN
Time horizon 12 months

Analysts from ING supported their "Buy" recommendation for PZU shares and decreased TP to PLN 447.10 from PLN 490.20

Analyst

Piotr Palenik +48 22 820 50 20

26 November 2015, PKO Dom Maklerski

Recommendation Buy
Target price 457,00 PLN
Current price 379,00 PLN
Time horizon 12 months

Analysts from PKO DM supported "Buy" recommendation for PZU shares and decreased TP to PLN 457 from PLN 531.

Analyst

Jaromir Szortyka +48 22 580 39 47 jaromir.szortyka@pkobp.pl

25 November 2015, Deutsche Bank

Recommendation Buy
Target price 480,00 PLN
Current price 381,80 PLN
Time horizon 12 months

Analysts from Deutsche Bank supported "Buy" recommendation for PZU shares and decreased TP to PLN 480 from PLN 490.

Analyst

Marcin Jabłczyński +48 22 579 87 33 marcin.jablczynski@db.com

20 November 2015, Raiffeisen Centrobank

Recommendation Hold
Target price 400,00 PLN
Current price 393,50 PLN
Time horizon 12 months

Analysts from Raiffeisen Centrobank supported "Hold" recommendation for PZU shares and decreased TP to PLN 400 from PLN 460.

Analysts

Bernd Maurer +43 1 51520 706 maurer@rcb.at

18 November 2015, Credit Suisse

Recommendation Hold
Target price 413,00 PLN
Current price 394,20 PLN
Time horizon 12 months

Analysts from Credit Suisse supported their "Neutral" recommendation for PZU shares and decreased TP to PLN 413 from PLN 450.

Analyst

Richard Burden +44 20 7888 0499 richard.burden@credit-suisse.com

16 November 2015, Societe Generale

Recommendation Hold
Target price 395,00 PLN
Current price 373,10 PLN
Time horizon 12 months

Analysts from Societe Generale supported "Hold" recommendation for PZU shares and decreased TP to PLN 395.00 from PLN 410.00.

Analyst

Jason Kalamboussis +44 20 7762 4076 jason.kalamboussis@sgcib.com

12 November 2015, UBS

Recommendation Neutral
Target price 380,00 PLN
Current price 370,90 PLN
Time horizon 12 months

Analysts from UBS supported "Neutral" recommendation for PZU shares and decreased TP to PLN 380 from PLN 455.

Analyst

Michael Christelis +27 11 322 7320 michael.christelis@ubs.com

12 November 2015, JP Morgan

Recommendation Overweight
Target price 498,00 PLN
Current price 370,90 PLN
Time horizon 12 months

Analysts from JP Morgan changed their recommendation for PZU shares for "Overweight" from "Neutral" keeping TP on PLN 498.

Analyst

Michael Huttner +44 20 7325 9175 michael.huttner@jpmorgan.com

12 November 2015, Haitong Bank

Recommendation Buy
Target price 430,00 PLN
Current price 370,90 PLN
Time horizon 12 months

Analysts from Haitong Bank changed their recommendation for PZU shares from "Neutral" to "Buy", and decreased TP to PLN 430 from PLN 500.

Analyst

Kamil Stolarski +48 22 347 40 48 kstolarski@haitongib.pl

8 October 2015, Credit Suisse

Recommendation Neutral
Target price 450,00 PLN
Current price 385,70 PLN
Time horizon 12 months

Analysts from Credit Suisse changed their recommendation for PZU shares from "Underperform" to "Neutral" and decreased TP to PLN 450 from PLN 460.

Analyst

Richard Burden +44 20 7888 0499 richard.burden@credit-suisse.com

16 September 2015, Societe Generale

Recommendation Hold
Target price 410,00 PLN
Current price 440,00 PLN
Time horizon 12 months

Analysts from Societe Generale changed their recommendation for PZU shares to "Hold" from "Buy" and decreased TP to PLN 410.00 from PLN 480.00.

Analyst

Jason Kalamboussis +44 20 7762 4076 jason.kalamboussis@sgcib.com

16 September 2015, DM BH (Citi)

Recommendation Buy
Target price 469,00 PLN
Current price 440,00 PLN
Time horizon 12 months

Analysts from Wood & Company supported "Buy" recommendation for PZU shares and decreased TP to PLN 469.00 from PLN 508.00.

Analyst

Andrzej Powierża +48 22 690-35-66 andrzej.powierza@citi.com

27 August 2015, Wood & Company

Recommendation Hold
Target price 427,90 PLN
Current price 405,30 PLN
Time horizon 12 months

Analysts from Wood & Company supported "Hold" recommendation for PZU shares and decreased TP to PLN 427.90 from PLN 524.60.

Analyst

Marta Jeżewska-Wasilewska +48 22 222 15 48 marta.jezewska-wasilewska@wood.com

12 August 2015, Raiffeisen Centrobank

Recommendation Hold
Target price 460,00 PLN
Current price 439,05 PLN
Time horizon 12 months

Analysts from Raiffeisen Centrobank supported "Hold" recommendation for PZU shares and decreased TP to PLN 460 from PLN 500.

Analyst

Bernd Maurer +43 1 51520 706 maurer@rcb.at

22 July 2015, DM mBanku

Recommendation Accumulate
Target price 488,23 PLN
Current price 433,90 PLN
Time horizon 9 months

Analysts from DM mBank changed their recommendation for PZU shares to "Accumulate" from "Hold", and increased TP to PLN 488.23 from PLN 445.

Analyst

Michał Konarski +48 22 438 24 05 michal.konarski@mdm.pl

1 June 2015, DM BH (Citi)

Recommendation Buy
Target price 508,00 PLN
Current price 447,00 PLN
Time horizon 12 months

Analysts from Wood & Company supported "Buy" recommendation for PZU shares and decreased TP to PLN 508.00 from PLN 522.00.

Analyst

Andrzej Powierża +48 22 690-35-66 andrzej.powierza@citi.com

28 May 2015, Raiffeisen Centrobank

Recommendation Hold
Target price 500,00 PLN
Current price 447,00 PLN
Time horizon 12 months

Analysts from Raiffeisen Centrobank supported "Hold" recommendation for PZU shares and decreased TP to PLN 500 from PLN 515.

Analyst

Bernd Maurer +43 1 51520 706 maurer@rcb.at

27 May 2015, ING

Recommendation Buy
Target price 491,70 PLN
Current price 452,10 PLN
Time horizon 12 months

Analysts from ING changed their recommendation for PZU shares to "Buy" from "Hold" and decreased TP to PLN 491.70 from PLN 500.40

Analyst

Piotr Palenik +48 22 820 50 20

22 May 2015, PKO Dom Maklerski

Recommendation Buy
Target price 531,00 PLN
Current price 462,00 PLN
Time horizon 12 months

Analysts from PKO DM supported "Buy" recommendation for PZU shares and increased TP to PLN 531 from PLN 520.

Analyst

Jaromir Szortyka +48 22 580 39 47 jaromir.szortyka@pkobp.pl

31 March 2015, Raiffeisen Centrobank

Recommendation Hold
Target price 515.00 PLN
Current price 486.55 PLN
Time horizon 12 months

Analysts from Raiffeisen Centrobank supported "Hold" recommendation for PZU shares and decreased TP to PLN 515 from PLN 520

Analyst

Bernd Maurer +43 1 51520 706 maurer@rcb.at

20 Fubruary 2015, Raiffeisen Centrobank

Recommendation Hold
Target price 520.00 PLN
Current price 496.30 PLN
Time horizon 12 months

Analysts from Raiffeisen Centrobank supported "Hold" recommendation for PZU shares and raised TP to PLN 520 from PLN 495.

Analyst

Bernd Maurer +43 1 51520 706 maurer@rcb.at

5 Fubruary 2015, Credit Suisse

Recommendation Underperform
Target price 460.00 PLN
Current price 500.50 PLN
Time horizon 12 months

Analysts from Credit Suisse supported "Underperform" recommendation for PZU shares and raised TP to PLN 460 from PLN 423.

Analyst

Richard Burden +44 20 7888 0499 richard.burden@credit-suisse.com

2 Fubruary 2015, Trigon

Recommendation Buy
Target price 560.00 PLN
Current price 506.20 PLN
Time horizon 12 months

Analysts from Trigon supported "Buy" recommendation for PZU shares and raised TP to PLN 560 from PLN 520.

Analyst

Hanna Kędziora hanna.kedziora@trigon.pl

30 January 2015, JP Morgan

Recommendation Neutral
Target price 498.00 PLN
Current price 499.00 PLN
Time horizon 12 months

Analysts from JP Morgan changed their recommendation for PZU shares to "Neutral" from "Overweight" and decreased TP to PLN 498 from PLN 502.

Analyst

Michael Huttner +44 20 7325 9175 michael.huttner@jpmorgan.com

14 January 2015, HSBC

Recommendation Underweight
Target price 395.00 PLN
Current price 483.00 PLN
Time horizon 12 months

Analysts from HSBC supported "underweight" recommendation for PZU shares and raised TP to PLN 395 from PLN 390.

Analyst

Dhruv Gahlaut +44 20 7991 6728 dhruv.gahlaut@hsbcib.com

7 January 2015, Espirito Santo Investment Bank

Recommendation Neutral
Target price 500.00 PLN
Current price 473.00 PLN
Time horizon 12 months

Analysts from Espirito Santo Investment Bank supported "Neutral" recommendation for PZU shares, leaving the TP unchanged, i.e. PLN 500.

Analyst

Kamil Stolarski +48 22 347 40 48 kstolarski@espiritosantoib.pl

2014

19 December 2014, ING

Recommendation Hold
Target price 500.4 PLN
Current price 476.4 PLN
Time horizon 12 months

Analysts from ING supported Hold recommendation for PZU shares and increased TP to PLN 500.40 from PLN 463.80

Analyst

Piotr Palenik +48 22 820 50 20

18 December 2014, Ipopema

Recommendation Sell
Target price 442.00 PLN
Current price 470.00 PLN
Time horizon 12 months

Analysts from Ipopema resumed issuing recommendations for PZU shares with "sell" ecommendation, setting a target price of PLN 470.00

Analyst

Iza Rokicka + 48 22 236 92 31 mailto:iza.rokicka@ipopema.pl

5 December 2014, Barclays

Recommendation Underweight
Target price 425.00 PLN
Current price 477.00 PLN
Time horizon 12 months

Analysts fromBarclayssupported “underweight”recommendation for PZU shares,leaving TP unchanged, i.e. PLN 425.

Analyst

Ivan Bokhmat +44 20 7773 0417 ivan.bokhmat@barclays.com

18 November 2014, Raiffeisen Centrobank

Recommendation Hold
Target price 495.00 PLN
Current price 477.00 PLN
Time horizon 12 months

Analysts from Raiffeisen Centrobank supported Hold recommendation for PZU shares and raised TP to PLN 495 from PLN 490.

Analyst

Bernd Maurer +43 1 51520 706 maurer@rcb.at

17 November 2014, JP Morgan

Recommendation Overweight
Target price 502.00 PLN
Current price 472.80 PLN
Time horizon 12 months

Analysts from JP Morgan supported Overweight recommendation for PZU shares and raised TP to PLN 502 from PLN 493.

Analyst

Michael Huttner +44 20 7325 9175 michael.huttner@jpmorgan.com

14 November 2014, Espirito Santo Investment Bank

Recommendation Neutral
Target price 500.00 PLN
Current price 473.90 PLN
Time horizon 12 months

Analysts from Espirito Santo Investment Bank changed their recommendation for PZU shares from Buy to Neutral and decreased TP to PLN 500 from PLN 530.

Analyst

Kamil Stolarski +48 22 347 40 48 kstolarski@espiritosantoib.pl

13 November 2014, Goldman Sachs

Recommendation Sell
Target price 450.00 PLN
Current price 473.00 PLN
Time horizon 12 months

Analysts from Goldman Sachs supported Sell recommendation for PZU shares and decreased TP to PLN 450 from PLN 460.

Analyst

Vinit Malhotra +44 20 7774 3488 vinit.malhotra@gs.com

4 November 2014, Goldman Sachs

Recommendation Sell
Target price 460.00 PLN
Current price 511.00 PLN
Time horizon 12 months

Analysts from Goldman Sachs changed recommendation for PZU shares to Sell from Neutral and raised TP to PLN 460 from PLN 440.

Analyst

Vinit Malhotra +44 20 7774 3488 vinit.malhotra@gs.com

14 October 2014, Wood & Company

Recommendation Hold
Target price 524,60 PLN
Current price 475,10 PLN
Time horizon 12 months

Analysts from Wood & Company supported Hold recommendation for PZU shares and raised TP to 524.60 from PLN 459.90.

Analyst

Marta Jeżewska-Wasilewska +48 22 222 15 48 marta.jezewska-wasilewska@wood.com

10 October 2014, JP Morgan

Recommendation Overweight
Target price 493,00 PLN
Current price 473,50 PLN
Time horizon 12 months

Analysts from JP Morgan supported Overweight recommendation for PZU shares and decreased TP to PLN 493.00 from PLN 497.00.

Analyst

Michael Huttner +44 20 7325 9175 michael.huttner@jpmorgan.com

29 September 2014, DM BH (Citi)

Recommendation Buy
Target price 522.00 PLN
Current price 479.15 PLN
Time horizon 12 months

Analysts from DM BH supported Buy recommendation for PZU shares and raised TP to PLN 522 from PLN 480.

Analyst

Andrzej Powierża +48 22 690 35 66 andrzej.powierza@citi.com

25 September 2014, Credit Suisse

Recommendation Underperform
Target price 423.00 PLN
Current price 471.00 PLN
Time horizon 12 months

Analysts from Credit Suisse supported Underperform recommendation for PZU shares and raised TP to PLN 423 from PLN 422.

Analyst

Richard Burden +44 20 7888 0499 richard.burden@credit-suisse.com

17 September 2014, PKO Dom Maklerski

Recommendation Buy
Target price 520.00 PLN
Current price 469.10 PLN
Time horizon 12 months

Analysts from PKO Dom Maklerski supported Buy recommendation for PZU shares and raised TP to PLN 520 from PLN 468.

Analyst

Jaromir Szortyka +48 22 580 39 47 jaromir.szortyka@pkobp.pl

2 September 2014, Espirito Santo Investment Bank

Recommendation Buy
Target price 530.00 PLN
Current price 463.00 PLN
Time horizon 12 months

Analysts from Espirito Santo Investment Bank supported Buy recommendation for PZU shares and raised TP to PLN 530 from PLN 520.

Analyst

Kamil Stolarski +48 22 347 40 48 kstolarski@espiritosantoib.pl

1 September 2014, HSBC

Recommendation Underweight
Target price 390.00 PLN
Current price 469.00 PLN
Time horizon 12 months

Analysts fromHSBC supported “underweight”recommendation for PZU shares and raised TP to PLN 390 from PLN 378.

Analyst

Dhruv Gahlaut +44 20 7991 6728 dhruv.gahlaut@hsbcib.com

29 August 2014, Barclays

Recommendation Underweight
Target price 425.00 PLN
Current price 469.00 PLN
Time horizon 12 months

Analysts fromBarclayssupported “underweight”recommendation for PZU shares and raised TP to PLN 425 from PLN 410.

Analyst

Ivan Bokhmat +44 20 7773 0417 ivan.bokhmat@barclays.com

27 August 2014, UBS

Recommendation Neutral
Target price 475.00 PLN
Current price 473.00 PLN
Time horizon 12 months

Analysts from UBS supported Neutral recommendation for PZU shares and raised TP to PLN 475 from PLN 435.

Analysts

Michael Christelis +27 11 322 7320 michael.christelis@ubs.com

Michał Potyra +48 22 525 84 30 michal.potyra@ubs.com

5 August 2014, Raiffeisen Centrobank

Recommendation Hold
Target price 490.00 PLN
Current price 447.00 PLN
Time horizon 12 months

Analysts from Raiffeisen Centrobank supported Hold recommendation for PZU shares and raised TP to PLN 490 from PLN 470.

Analyst

Bernd Maurer +43 1 51520 706 maurer@rcb.at

31 July 2014, UniCredit

Recommendation Buy
Target price 527.00 PLN
Current price 450.50 PLN
Time horizon 12 months

Analysts from UniCredit supported "Buy" recommendation for PZU shares and raised TP to PLN 527 from PLN 492.

Analyst

Paweł Kozub +48 22 586 23 53

18 July 2014, ING

Recommendation Hold
Target price 463.80 PLN
Current price 436.50 PLN
Time horizon 12 months

Analysts from ING supported Hold recommendation for PZU shares and increased TP to PLN 463.80 from 452.30 PLN.

Analyst

Piotr Palenik +48 22 820 50 20

6 June 2014, DM BH (Citi)

Recommendation Buy
Target price 480.00 PLN
Current price 446.70 PLN
Time horizon 12 months

Analysts from DM BH increased recommendation for PZU shares from Neutral to Buy and raised TP to PLN 480 from PLN 447.

Analyst

Andrzej Powierża +48 22 690 35 66 andrzej.powierza@citi.com

30 May 2014, HSBC

Recommendation Underweight
Target price 380.00 PLN
Current price 446.40 PLN
Time horizon 12 months

Analysts fromHSBC supported„underweight”recommendation for PZU shares and raised TP to PLN 380 from PLN 378.

Analyst

Dhruv Gahlaut +44 20 7991 6728 dhruv.gahlaut@hsbcib.com

23 April 2014, Trigon

Recommendation Buy
Target price 490.00 PLN
Current price 430.60 PLN
Time horizon 12 months

Analysts from Trigon supported Buy recommendation for PZU shares and with new target price of PLN 497.

Analyst

Hanna Kędziora hanna.kedziora@trigon.pl

31 March 2014, Deutsche Bank

Recommendation Buy
Target price 490.00 PLN
Current price 424.00 PLN
Time horizon 12 months

Analysts from Deutsche Bank changed their recommendation for PZU shares from Hold to Buy and raised TP to PLN 490 from PLN 480.

Analyst

Marcin Jabłczyński +48 22 579 87 33 marcin.jablczynski@db.com

28 March 2014, PKO Dom Maklerski

Recommendation Buy
Target price 468.00 PLN
Current price 419.80 PLN
Time horizon 12 months

Analysts from PKO Dom Maklerski supported Buy recommendation for PZU shares and raised TP to PLN 468 from PLN 465.

Analyst

Jaromir Szortyka +48 22 580 39 47 jaromir.szortyka@pkobp.pl

26 March 2014, HSBC

Recommendation Underweight
Target price 378.00 PLN
Current price 409.50 PLN
Time horizon 12 months

Analysts from HSBC supported Underweight recommendation for PZU shares and decreased TP to PLN 378 from PLN 400.

Analyst

Dhruv Gahlaut +44 20 7991 6728 dhruv.gahlaut@hsbcib.com

24 March 2014, Credit Suisse

Recommendation Underperform
Target price 422.00 PLN
Current price 409.30 PLN
Time horizon 12 months

Analysts from Credit Suisse supported Underperform recommendation for PZU shares and decreased TP to PLN 422 from PLN 423.

Analyst

Richard Burden +44 20 7888 0499 richard.burden@credit-suisse.com

2 March 2014, UBS

Recommendation Neutral
Target price 435.00 PLN
Current price 431.70 PLN
Time horizon 12 months

Analysts from UBS supported Neutral recommendation for PZU shares and decreased TP to PLN 435 from PLN 455.

Analysts

Michael Christelis +27 11 322 7320 michael.christelis@ubs.com

Michał Potyra +48 22 525 84 30 michal.potyra@ubs.com

10 February 2014, Raiffeisen Centrobank

Recommendation Hold
Target price 470.00 PLN
Current price 440.00 PLN
Time horizon 12 months

Analysts from Raiffeisen Centrobank supported Hold recommendation for PZU shares and raised TP to PLN 470 from PLN 440.

Analyst

Bernd Maurer +43 1 51520 706 maurer@rcb.at

6 February 2014, JP Morgan

Recommendation Overweight
Target price 497.00 PLN
Current price 420.90 PLN
Time horizon 12 months

Analysts from JP Morgan supported Overweight recommendation for PZU shares and raised TP to PLN 497 from PLN 466.

Analyst

Michael Huttner +44 20 7325 9175 michael.huttner@jpmorgan.com

17 January 2014, ING

Recommendation Hold
Target price 452.00 PLN
Current price 428.90 PLN
Time horizon 12 months

Analysts from ING changed their recommendation for PZU shares from Buy to Hold and decreased TP to PLN 452 from 484.1 PLN.

Analyst

Piotr Palenik +48 22 820 50 20

16 January 2014, DM BH (Citi)

Recommendation Neutral
Target price 447.00 PLN
Current price 432.90 PLN
Time horizon 12 months

Analysts from DM BH decreased recommendation for PZU shares from Buy to Neutral and raised TP to PLN 447 from PLN 443.

Analyst

Andrzej Powierża +48 22 690 35 66 andrzej.powierza@citi.com

15 January 2014, Credit Suisse

Recommendation Underperform
Target price 423.00 PLN
Current price 426.00 PLN
Time horizon 12 months

Analysts from Credit Suisse supported Underperform recommendation for PZU shares and decreased TP to PLN 423 from PLN 427.

Analyst

Richard Burden +44 20 7888 0499 richard.burden@credit-suisse.com

8 January 2014, UniCredit

Recommendation Buy
Target price 492.00 PLN
Current price 441.00 PLN
Time horizon 12 months

Analysts from UniCredit supported Buy recommendation for PZU shares and raised TP to PLN 492 from PLN 443.

Analyst

Paweł Kozub +48 22 586 23 53 kstolarski@espiritosantoib.pl

2013

6 December 2013, Trigon DM

Recommendation Accumulate
Target price 506.00 PLN
Current price 455.00 PLN
Time horizon 9 months

Analysts from Trigon DM supported Accumulate recommendation for PZU shares and raised TP to PLN 506 from PLN 448.

Analyst

Hanna Kędziora hanna.kedziora@trigon.pl

4 December 2013, Espirito Santo Investment Bank

Recommendation Buy
Target price 520.00 PLN
Current price 470.00 PLN
Time horizon 12 months

Analysts from Espirito Santo Investment Bank supported Buy recommendation for PZU shares and raised TP to PLN 520 from PLN 440.

Analyst

Kamil Stolarski +48 22 347 40 48 kstolarski@espiritosantoib.pl

25 November 2013, Deutsche Bank

Recommendation Hold
Target price 480.00 PLN
Current price 468.50 PLN
Time horizon 12 months

Analysts from Deutsche Bank supported Hold recommendation for PZU shares and raised TP to PLN 480 from PLN 430.

Analyst

Marcin Jabłczyński +48 22 579 87 33 marcin.jablczynski@db.com

19 November 2013, Credit Suisse

Recommendation Underperform
Target price 427.00 PLN
Current price 475.50 PLN
Time horizon 12 months

Analysts from Credit Suisse supported Underperform recommendation for PZU shares and raised TP to PLN 427 from PLN 420.

Analyst

Richard Burden +44 20 7888 0499 richard.burden@credit-suisse.com

18 November 2013, Societe Generale

Recommendation Buy
Target price 480.00 PLN
Current price 448.70 PLN
Time horizon 12 months

Analysts from Societe Generale supported Buy recommendation for PZU shares and raised TP to PLN 480 from PLN 442.

Analyst

Jason Kalamboussis +44 20 7762 4076 jason.kalamboussis@sgcib.com

6 November 2013, DI BRE Banku S.A.

Recommendation Hold
Target price 445.00 PLN
Current price 468.00 PLN
Time horizon 9 months

Analysts from DI BRE Bank changed their recommendation for PZU shares from "Accumulate" to "Hold" and decreased TP to PLN 445 from PLN 475.

Analyst

Michał Konarski +48 22 697 47 37 michal.konarski@dibre.com.pl

23 October 2013, ING

Recommendation Buy
Target price 484.10 PLN
Current price 458.00 PLN
Time horizon 12 months

Analysts from ING supported Buy recommendation for PZU shares and raised TP to PLN 484.1 from PLN 469.2

Analyst

Piotr Palenik +48 22 820 50 20

9 October 2013, Wood & Company

Recommendation Hold
Target price 459.90 PLN
Current price 414.00 PLN
Time horizon 12 months

Analysts from Wood & Company resumed issuing recommendations for PZU shares -"hold" and a target price of PLN 459.9

Analyst

Marta Jeżewska-Wasilewska +48 22 222 15 48 marta.jezewska-wasilewska@wood.com

17 September 2013, Goldman Sachs

Recommendation Neutral
Target price 430.43 PLN
Current price 426.00 PLN
Time horizon 12 months

Analysts from Goldman Sachs supported Neutral recommendation for PZU shares and raised TP to PLN 430.43 from PLN 415.

Analyst

Vinit Malhotra +44 20 7774 3488 vinit.malhotra@gs.com

13 September 2013, DM BH (Citi)

Recommendation Buy
Target price 443.00 PLN
Current price 427.90 PLN
Time horizon 12 months

Analysts from DM BH supported Buy recommendation for PZU shares and raised TP to PLN 443 from PLN 441.

Analyst

Andrzej Powierża +48 22 690 35 66 andrzej.powierza@citi.com

29 August 2013, Exane BNP Paribas

Recommendation Neutral
Target price 445.00 PLN
Current price 432.00 PLN
Time horizon 12 months

Analysts from Exane BNP Paribas supported Neutral recommendation for PZU shares and decreased TP to PLN 445 from PLN 447.

Analyst

Thomas Jacquet +33 142 99 51 96 thomas.jacquet@exanebnpparibas.com

25 July 2013, Goldman Sachs

Recommendation Neutral
Target price 415.00 PLN
Current price 449.00 PLN
Time horizon 12 months

Analysts from Goldman Sachs supported Neutral recommendation for PZU shares and decreased TP to PLN 415 from PLN 435.

Analyst

Vinit Malhotra +44 20 7774 3488 vinit.malhotra@gs.com

22 July 2013, DI BRE Banku S.A.

Recommendation Accumulate
Target price 475.00 PLN
Current price 433.00 PLN
Time horizon 9 months

Analysts from DI BRE Banku changed their recommendation for PZU shares from Hold to Accumulate and raised TP to PLN 475 from PLN 435.

Analyst

Iza Rokicka +48 22 697 47 37 Iza.Rokicka@dibre.com.pl

18 July 2013, ING

Recommendation Buy
Target price 470.00 PLN
Current price 434.00 PLN
Time horizon 12 months

Analysts from ING changed their recommendation for PZU shares from Hold to Buy and raised TP to PLN 470 from PLN 424.

Analyst

Piotr Palenik +48 22 820 50 20

27 June 2013, PKO Dom Maklerski

Recommendation Buy
Target price 465.00 PLN
Current price 412.00 PLN
Time horizon 12 months

Analysts from PKO Dom Maklerski initiated coverage of PZU with Buy recommendation and TP of PLN 465.

Analyst

Jaromir Szortyka +48 22 580 39 47 jaromir.szortyka@pkobp.pl

6 June 2013, Morgan Stanley

Recommendation Underweight
Target price 364.00 PLN
Current price 441.20 PLN
Time horizon 12 months

Analysts from Morgan Stanley supported Underweight recommendation for PZU shares, decreased TP to PLN 364 from PLN 367.

Analyst

Maciej Wasilewicz +44 20 7425 9104 Maciej.Wasilewicz@morganstanley.com

4 June 2013, Deutsche Bank

Recommendation Hold
Target price 430.00 PLN
Current price 452.00 PLN
Time horizon 12 months

Analysts from DB, changed their recommendation for PZU shares from Buy to Hold decreased TP to PLN 430 from PLN 440.

Analyst

Marcin Jabłczyński +48 22 579 87 33 marcin.jablczynski@db.com

2 July 2013, UniCredit

Recommendation Buy
Target price 443.00 PLN
Current price 405.30 PLN
Time horizon 12 months

Analysts from UniCredit changed "Hold" to "Buy" recommendation for PZU shares and supported TP on PLN 443.

Analyst

Paweł Kozub +48 22 586 23 53 pawel.kozub@caib.unicreditgroup.eu

11 June 2013, UniCredit

Recommendation Hold
Target price 443.00 PLN
Current price 441.50 PLN
Time horizon 12 months

Analysts from UniCredit supported "Hold" recommendation for PZU shares and decreased TP to PLN 443.00 from PLN 444.

Analyst

Paweł Kozub +48 22 586 23 53 pawel.kozub@caib.unicreditgroup.eu

31 May 2013, Wood & Company

Recommendation Hold
Target price 481.00 PLN
Current price 447.00 PLN
Time horizon 12 months

Analysts from Wood & Company supported Hold recommendation for PZU shares and raised TP to PLN 481 from PLN 447.

Analyst

Mark MacRea +48 22 222 15 48 mark.macrea@wood.com

29 May 2013, UBS

Recommendation Neutral
Target price 445.00 PLN
Current price 448.00 PLN
Time horizon 12 months

Analysts from UBS supported Neutral recommendation for PZU shares and raised TP to PLN 445 from PLN 436.

Analysts

Michael Christelis +27 11 322 7320 michael.christelis@ubs.com +48 22 525 84 30 michal.potyra@ubs.com

22 May 2013, Exane BNP Paribas

Recommendation Neutral
Target price 447.00 PLN
Current price 440.50 PLN
Time horizon 12 months

Analysts from Exane BNP Paribas supported Neutral recommendation for PZU shares and raised TP to PLN 447 from PLN 394.

Analyst

Thomas Jacquet +33 142 99 51 96 thomas.jacquet@exanebnpparibas.com

17 May 2013, JP Morgan

Recommendation Overweight
Target price 467.00 PLN
Current price 435.40 PLN
Time horizon 12 months

Analysts from JP Morgan supported Overweight recommendation for PZU shares and raised TP to PLN 467 from PLN 447.

Analyst

Michael Huttner +44 20 7325 9175 michael.huttner@jpmorgan.com

6 May 2013, DI BRE Banku S.A.

Recommendation Hold
Target price 435.00 PLN
Current price 442.60 PLN
Time horizon 9 months

Analysts from DI BRE Banku changed their recommendation for PZU shares from Accumulate to Hold, leaving TP unchanged, i.e. PLN 435.

Analyst

Iza Rokicka +48 22 697 47 37 Iza.Rokicka@dibre.com.pl

2 May 2013, Raiffeisen Centrobank

Recommendation Hold
Target price 440.00 PLN
Current price 435.50 PLN
Time horizon 12 months

Analysts from Raiffeisen Centrobank changed their recommendation for PZU shares from Reduce to Hold and raised TP to PLN 440 from PLN 385.

Analyst

Bernd Maurer +43 1 51520 706 maurer@rcb.at

9 April 2013, Societe Generale

Recommendation Buy
Target price 442.00 PLN
Current price 399.9 PLN
Time horizon 12 months

Analysts from Societe Generale changed their recommendation for PZU shares from Hold to Buy and raised TP to PLN 442 from PLN 406.

Analyst

Jason Kalamboussis +44 20 7762 4076 jason.kalamboussis@sgcib.com

5 April 2013, Barclays Capital

Recommendation Underweight
Target price 391.00 PLN
Current price 399.00 PLN
Time horizon 12 months

Analysts from Barclays Capital supported Underweight recommendation for PZU shares and decreased TP to PLN 391 from PLN 393.

Analysts

Claudia Gaspari +44 20 3134 6039 Claudia.gaspari@barcap.com +44 20 3134 4799 Olivia.brindle@barcap.com

4 April 2013, DM BH (Citi)

Recommendation Buy
Target price 441.00 PLN
Current price 400.30 PLN
Time horizon 12 months

Analysts from DM BH changed their recommendation for PZU shares from Neutral to Buy and raised TP to PLN 441 from PLN 418.

Analyst

Andrzej Powierża +48 22 690 35 66 andrzej.powierza@citi.com

3 April 2013, Trigon DM

Recommendation Accumulate
Target price 448.00 PLN
Current price 405.90 PLN
Time horizon 9 months

Analysts from Trigon DM changed their recommendation for PZU shares from Buy to Accumulate and raised TP to PLN 448 from PLN 385.

Analyst

Hanna Kędziora hanna.kedziora@trigon.pl

22 March 2013, HSBC

Recommendation Underweight
Target price 370.00 PLN
Current price 411.10 PLN
Time horizon 12 months

Analysts from HSBC changed their recommendation for PZU shares from Neutral to Underweight and decreased TP to PLN 370 from PLN 426.

Analyst

Dhruv Gahlaut +44 20 7991 6728 dhruv.gahlaut@hsbcib.com

21 March 2013, Credit Suisse

Recommendation Underperform
Target price 420.00 PLN
Current price 408.40 PLN
Time horizon 12 months

Analysts from Credit Suisse supported Underperform recommendation for PZU shares and raised TP to PLN 420 from PLN 413.

Analyst

Richard Burden +44 20 7888 0499 richard.burden@credit-suisse.com

18 March 2013, JP Morgan

Recommendation Overweight
Target price 447.00 PLN
Current price 415.50 PLN
Time horizon 12 months

Analysts from JP Morgan supported Overweight recommendation for PZU shares and raised TP to PLN 447 from PLN 430.

Analyst

Michael Huttner +44 20 7325 9175 michael.huttner@jpmorgan.com

12 March 2013, Societe Generale

Recommendation Hold
Target price 406.00 PLN
Current price 422.00 PLN
Time horizon 12 months

Analysts from Societe Generale supported Hold recommendation for PZU shares and raised TP to PLN 406 from PLN 346.

Analyst

Jason Kalamboussis +44 20 7762 4076 jason.kalamboussis@sgcib.com

11 March 2013, Wood & Company

Recommendation Hold
Target price 447.00 PLN
Current price 430.00 PLN
Time horizon 12 months

Analysts from Wood & Company changed their recommendation for PZU shares from Buy to Hold and raised TP to PLN 447 from PLN 421.

Analyst

Mark MacRea +48 22 222 15 48 mark.macrea@wood.com

6 February 2013, DI BRE Banku S.A.

Recommendation Accumulate
Target price 435.00 PLN
Current price 402.50 PLN
Time horizon 9 months

Analysts from DI BRE Banku changed their recommendation for PZU shares from Hold to Accumulate, leaving TP unchanged, i.e. PLN 435.

Analyst

Iza Rokicka +48 22 697 47 37 Iza.Rokicka@dibre.com.pl

28 January 2013, Exane BNP Paribas

Recommendation Neutral
Target price 394.00 PLN
Current price 408.90 PLN
Time horizon 12 months

Analysts from Exane BNP Paribas supported Neutral recommendation for PZU shares and raised TP to PLN 394 from PLN 367.

Analyst

Thomas Jacquet +33 142 99 51 96 thomas.jacquet@exanebnpparibas.com

25 January 2013, ING

Recommendation Hold
Target price 424.00 PLN
Current price 403.00 PLN
Time horizon 12 months

Analysts from ING supported Hold recommendation for PZU shares and raised TP to PLN 424 from PLN 408.80.

Analyst

Piotr Palenik +48 22 820 50 20

23 January 2013, UBS

Recommendation Neutral
Target price 436.00 PLN
Current price 407.00 PLN
Time horizon 12 months

Analysts from UBS changed their recommendation for PZU shares from Buy to Neutral and raised TP to PLN 436 from PLN 403.

Analysts

Michael Christelis +27 11 322 7320 michael.christelis@ubs.com +48 22 525 84 30 michal.potyra@ubs.com

18 January 2013, Goldman Sachs

Recommendation Neutral
Target price 435.00 PLN
Current price 407.00 PLN
Time horizon 12 months

Analysts from Goldman Sachs supported Neutral recommendation for PZU shares and raised TP to PLN 435 from PLN 413.

Analyst

Vinit Malhotra +44 20 7774 3488 vinit.malhotra@gs.com

16 January 2013, HSBC

Recommendation Neutral
Target price 426.00 PLN
Current price 414.40 PLN
Time horizon 12 months

Analysts from HSBC supported Neutral recommendation for PZU shares and raised TP to PLN 426.

Analyst

Dhruv Gahlaut +44 20 7991 6728 dhruv.gahlaut@hsbcib.com

15 January 2013, Morgan Stanley

Recommendation Underweight
Target price 367.00 PLN
Current price 411.40 PLN
Time horizon 12 months

Analysts from Morgan Stanley changed their recommendation for PZU shares from Equal-weight to Underweight, decreased TP to PLN 367 from PLN 394.

Analyst

Maciej Wasilewicz +44 20 7425 9104 Maciej.Wasilewicz@morganstanley.com

14 January 2013, Barclays Capital

Recommendation Underweight
Target price 393.00 PLN
Current price 424.00 PLN
Time horizon 12 months

Analysts from Barclays Capital supported Underweight recommendation for PZU shares and raised TP to PLN 393 from PLN 350.

Analysts

Claudia Gaspari +44 20 3134 6039 Claudia.gaspari@barcap.com

Olivia Brindle +44 20 3134 4799 Olivia.brindle@barcap.com

14 January 2013, Credit Suisse

Recommendation Underperform
Target price 413.00 PLN
Current price 411.40 PLN
Time horizon 12 months

Analysts from Credit Suisse changed their recommendation for PZU shares from Neutral to Underperform and raised TP to PLN 413 from PLN 402.

Analyst

Richard Burden +44 20 7888 0499 richard.burden@credit-suisse.com

9 January 2013, Ipopema

Recommendation Buy
Target price 466.00 PLN
Current price 415.50 PLN
Time horizon 12 months

Analysts from Ipopema supported Buy recommendation for PZU shares and raised TP to PLN 466 from PLN 385.

Analyst

Tomasz Bursa +48 22 236 92 31 tomasz.bursa@ipopema.pl

7 January 2013, DI BRE Banku S.A.

Recommendation Hold
Target price 435.00 PLN
Current price 423.00 PLN
Time horizon 9 months

Analysts from DI BRE Banku changed their recommendation for PZU shares from Accumulate to Hold, leaving TP unchanged, i.e. PLN 435.

Analyst

Iza Rokicka +48 22 697 47 37 Iza.Rokicka@dibre.com.pl

2012

20 December 2012, UniCredit

Recommendation Hold
Target price 444.00 PLN
Current price 432.90 PLN
Time horizon 12 months

Analysts from UniCredit changed "Buy" to "Hold" recommendation for PZU shares and increased TP to PLN 444 from PLN 415.

Analyst

Paweł Kozub +48 22 586 23 53 pawel.kozub@caib.unicreditgroup.eu

17 December 2012, JP Morgan

Recommendation Overweight
Target price 430.00 PLN
Current price 416.70 PLN
Time horizon 12 months

Analysts from JP Morgan supported Overweight recommendation for PZU shares and raised TP to PLN 430 from PLN 421.

Analyst

Michael Huttner +44 20 7325 9175 michael.huttner@jpmorgan.com

13 December 2012, Raiffeisen Centrobank

Recommendation Reduce
Target price 385.00 PLN
Current price 413.00 PLN
Time horizon 12 months

Analysts from Raiffeisen Centrobank supported Reduce recommendation for PZU shares and raised TP to PLN 385 from PLN 370.

Analyst

Bernd Maurer +43 1 51520 706 maurer@rcb.at

4 December 2012, DI BRE Banku S.A.

Recommendation Accumulate
Target price 435.00 PLN
Current price 397.00 PLN
Time horizon 9 months

Analysts from DI BRE Banku changed their recommendation for PZU shares from Hold to Accumulate, and raised TP to PLN 435 from PLN 324.

Analyst

Iza Rokicka +48 22 697 47 37 Iza.Rokicka@dibre.com.pl

30 November 2012, Deutsche Bank

Recommendation Buy
Target price 440.00 PLN
Current price 385.10 PLN
Time horizon 12 months

Analysts from DB, supported Buy recommendation for PZU shares and increased TP to PLN 440 from PLN 400.

Analyst

Marcin Jabłczyński +48 22 579 87 33 marcin.jablczynski@db.com

28 November 2012, DM BH (Citi)

Recommendation Neutral
Target price 418.00 PLN
Current price 390.10 PLN
Time horizon 12 months

Analysts from DM BH supported Neutral recommendation for PZU shares, decreased TP to PLN 418 from PLN 421.

Analyst

Andrzej Powierża +48 22 690 35 66 andrzej.powierza@citi.com

22 November 2012, ING

Recommendation Hold
Target price 408.80 PLN
Current price 391.90 PLN
Time horizon 12 months

Analysts from ING changed their recommendation for PZU shares from Buy to Hold and raised TP to PLN 408.80 from PLN 368.

Analyst

Piotr Palenik +48 22 820 50 20

19 November 2012, Espirito Santo Investment Bank

Recommendation Buy
Target price 440.00 PLN
Current price 388.00 PLN
Time horizon 12 months

Analysts from Espirito Santo Investment Bank supported Buy recommendation for PZU shares and raised TP to PLN 440 from PLN 415.

Analyst

Kamil Stolarski +48 22 347 40 48 kstolarski@espiritosantoib.pl

16 November 2012, ERSTE

Recommendation Hold
Target price 420.00 PLN
Current price 389.00 PLN
Time horizon 12 months

Analysts from Erste Bank changed their recommendation for PZU shares from Accumulate to Hold, and raised TP to PLN 420 from PLN 385.

Analyst

Christoph Schultes +43 5 0100 16314 christoph.schultes@erstegroup.com

16 November 2012, Credit Suisse

Recommendation Neutral
Target price 402.00 PLN
Current price 388.00 PLN
Time horizon 12 months

Analysts from Credit Suisse supported Neutral recommendation for PZU shares and raised TP to PLN 402 from PLN 380.

Analyst

Richard Burden +44 20 7888 0499 richard.burden@credit-suisse.com

15 November 2012, Morgan Stanley

Recommendation Equal-weight
Target price 394.00 PLN
Current price 389.00 PLN
Time horizon 12 months

Analysts from Morgan Stanley supported previous recommendation for PZU shares and raised TP to PLN 394 from PLN 383.

Analyst

Maciej Wasilewicz +44 20 7425 9104 Maciej.Wasilewicz@morganstanley.com

15 November 2012, Barclays Capital

Recommendation Underweight
Target price 350.00 PLN
Current price 386.00 PLN
Time horizon 12 months

Analysts from Barclays Capital supported Underweight recommendation for PZU shares and raised TP to PLN 350 from PLN 349.

Analysts

Claudia Gaspari +44 20 3134 6039 Claudia.gaspari@barcap.com +44 20 3134 4799 Olivia.brindle@barcap.com

14 November 2012, Goldman Sachs

Recommendation Neutral
Target price 413.00 PLN
Current price 386.00 PLN
Time horizon 12 months

Analysts from Goldman Sachs supported Neutral recommendation for PZU shares and raised TP to PLN 413 from PLN 397.

Analyst

Vinit Malhotra vinit.malhotra@gs.com +44 20 7774 3488

12 November 2012, DM BH (Citi)

Recommendation Neutral
Target price 421.00 PLN
Current price 388.00 PLN
Time horizon 12 months

Analysts from DM BH changed their recommendation for PZU shares from Buy to Neutral, leaving TP unchanged.

Analyst

Andrzej Powierża +48 22 690 35 66 andrzej.powierza@citi.com

5 November 2012, Credit Suisse

Recommendation Neutral
Target price 380.00 PLN
Current price 373.00 PLN
Time horizon 12 months

Analysts from Credit Suisse supported Neutral recommendation for PZU shares and raised TP to PLN 380 from PLN 370.

Analyst

Richard Burden +44 20 7888 049 richard.burden@credit-suisse.com

22 October 2012, JP Morgan

Recommendation Overweight
Target price 421.00 PLN
Current price 376.10 PLN
Time horizon 12 months

Analysts from JP Morgan supported Overweight recommendation for PZU shares and raised TP to PLN 421 from PLN 414.

Analyst

Michael Huttner +44 20 7325 9175 michael.huttner@jpmorgan.com

22 October 2012, UniCredit

Analyst

P K

19 October 2012, Raiffeisen Centrobank

Recommendation Reduce
Target price 370.00 PLN
Current price 380.00 PLN
Time horizon 12 months

Analysts from Raiffeisen Centrobank initiated coverage of PZU with Reduce rating and TP of PLN 370

Analyst

Bernd Maurer maurer@rcb.at +43 1 51520 706

11 October 2012, Goldman Sachs

Recommendation Neutral
Target price 397.00 PLN
Current price 375.00 PLN
Time horizon 12 months

Analysts from Goldman Sachs supported Neutral recommendation for PZU shares and decreased TP to PLN 397 from PLN 392.

Analyst

Vinit Malhotra +44 20 7774 3488 vinit.malhotra@gs.com

1 October 2012, Wood & Company

Recommendation Buy
Target price 421.00 PLN
Current price 360.00 PLN
Time horizon 12 months

Analysts from Wood & Company initiated coverage of PZU with a Buy rating and TP of PLN 421.

Analyst

Mark MacRea +48 22 222 15 48 mark.macrea@wood.com

12 September 2012, UBS

Recommendation Buy
Target price 403.00 PLN
Current price 352.90 PLN
Time horizon 12 months

Analysts from UBS changed their recommendation for PZU shares from Neutral to Buy and raised TP to PLN 403 from PLN 365.

Analyst

Tomasz Walkowicz +44 20 7568 0069 tomasz.walkowicz@ubs.com

10 September 2012, DM BH (Citi)

Recommendation Buy
Target price 421.00 PLN
Current price 346.00 PLN
Time horizon 12 months

Analysts from DM BH supported Buy recommendation for PZU shares and decreased TP to PLN 421 from PLN 430.

Analyst

Andrzej Powierża +48 22 690 35 66 andrzej.powierza@citi.com

7 September 2012, Exane BNP Paribas

Recommendation Neutral
Target price 367.00 PLN
Current price 344.60 PLN
Time horizon 12 months

Analysts from Exane BNP Paribas initiated coverage of PZU with a Neutral rating and TP of PLN 367

Analyst

Thomas Jacquet +33 1 42 99 51 96 thomas.jacquet@exanebnpparibas.com

31 August 2012, Morgan Stanley

Recommendation Equal-weight
Target price 383.00 PLN
Current price 336.10 PLN
Time horizon 12 months

Analysts from Morgan Stanley supported their earlier recommendation for PZU shares.

Analyst

Maciej Wasilewicz +44 20 7425 9104 Maciej.Wasilewicz@morganstanley.com

30 August 2012, Bank of America Merill Lynch

Recommendation Buy
Target price 410.00 PLN
Current price 336.40 PLN
Time horizon 12 months

Analysts from Bank of America Merill Lynch supported Buy recommendation for PZU shares and increased TP to PLN 410 from PLN 370.

Analyst

Maciej Szczęsny +44 20 7996 2366 Maciej.szczesny@baml.com

30 August 2012, Trigon DM

Recommendation Buy
Target price 385.00 PLN
Current price 335.00 PLN
Time horizon 9 months

Analysts from Trigon DM supported Buy recommendation for PZU shares and raised TP to PLN 385 from PLN 375.

Analyst

Hanna Kędziora hanna.kedziora@trigon.pl

30 August 2012, Barclays Capital

Recommendation Underweight
Target price 349.00 PLN
Current price 336.40 PLN
Time horizon 12 months

Analysts from Barclays Capital supported Underweight recommendation for PZU shares and decreased TP to PLN 349 from PLN 331

Analysts

Claudia Gaspari +44 20 3134 6039 Claudia.gaspari@barcap.com +44 20 3134 4799 Olivia.brindle@barcap.com

3 August 2012, UBS

Recommendation Neutral
Target price 365.00 PLN
Current price 348.00 PLN
Time horizon 12 months

Analysts from UBS changed their recommendation for PZU shares from Buy to Neutral, and raised TP to PLN 365 from PLN 349.

Analyst

Tomasz Walkowicz +44 20 7568 0069 tomasz.walkowicz@ubs.com

31 July 2012, Ipopema

Recommendation Buy
Target price 385.00 PLN
Current price 310.60 PLN
Time horizon 12 months

Analysts from Ipopema supported Buy recommendation for PZU shares and raised TP to PLN 385 from PLN 378.

Analyst

Tomasz Bursa +48 22 236 92 31 tomasz.bursa@ipopema.pl

23 July 2012, ING

Recommendation Buy
Target price 368.00 PLN
Current price 334.00 PLN
Time horizon 12 months

Analysts from ING supported Buy recommendation for PZU shares and decreased TP to PLN 368 from PLN 374.40.

Analyst

Piotr Palenik +48 22 820 50 20

19 July 2012, JP Morgan

Recommendation Overweight
Target price 414.00 PLN
Current price 336.40 PLN
Time horizon 18 months

Analysts from JP Morgan supported Overweight recommendation for PZU shares and raised TP to PLN 414 from PLN 402.

Analysts

Michael Huttner +44 20 7325 9175 michael.huttner@jpmorgan.com michal.kuzawinski@jpmorgan.com

5 July 2012, ERSTE

Recommendation Accumulate
Target price 385.00 PLN
Current price 327.00 PLN
Time horizon 12 months

Analysts from Erste Bank supported Accumulate recommendation for PZU shares and decreased TP to PLN 385 from PLN 400.

Analyst

Christoph Schultes +43 5 0100 16314 christoph.schultes@erstegroup.com

3 July 2012, HSBC

Recommendation Neutral
Target price 402.00 PLN
Current price 326.00 PLN
Time horizon 12 months

Analysts from HSBC supported Neutral recommendation for PZU shares and raised TP to PLN 402.

Analyst

Dhruv Gahlaut +44 20 7991 6728 Dhruv.gahlaut@hsbcib.com

11 June 2012, Bank of America Merrill Lynch

Recommendation Buy
Target price 370.00 PLN
Current price 311.00 PLN
Time horizon 12 months

Analysts from Bank of America Merrill Lynch initiated coverage of PZU with a Buy rating and TP of PLN 370

Analyst

Maciej Szczęsny +44 20 7996 2366 maciej.szczesny@baml.com

6 June 2012, DM BH (Citi)

Recommendation Buy
Target price 430.00 PLN
Current price 297.60 PLN
Time horizon 12 months

Analysts from DM BH supported Buy recommendation for PZU shares, decreased TP to PLN 430 from PLN 436.

Analyst

Andrzej Powierża +48 22 690 35 66 andrzej.powierza@citi.com

28 May 2012, Barclays Capital

Recommendation Underweight
Target price 331.00 PLN
Current price 299.00 PLN
Time horizon 12 months

Analysts from Barclays Capital supported Underweight recommendation for PZU shares and decreased TP to PLN 331 from PLN 333

Analysts

Claudia Gaspari +44 20 3134 6039 claudia.gaspari@barcap.com +44 20 3134 4799 olivia.brindle@barcap.com

22 May 2012, Morgan Stanley

Analyst

M W

17 May 2012, UBS

Recommendation Buy
Target price 349.00 PLN
Current price 302.50 PLN
Time horizon 12 months

Analysts from UBS supported Buy recommendation for PZU shares and decreased TP to PLN 349 from PLN 370

Analyst

Tomasz Walkowicz +44 20 7568 0069 tomasz.walkowicz@ubs.com

15 May 2012, Barclays Capital

Recommendation Underweight
Target price 333.00 PLN
Current price 312.00 PLN
Time horizon 12 months

Analysts from Barclays Capital supported Underweight recommendation for PZU shares and decreased TP to PLN 333 from PLN 337.

Analysts

Claudia Gaspari +44 20 3134 6039 claudia.gaspari@barcap.com +44 20 3134 4799 olivia.brindle@barcap.com

20 April 2012, UniCredit

Recommendation Buy
Target price 390.00 PLN
Current price 312.00 PLN
Time horizon 12 months

Analysts from UniCredit supported Buy recommendation for PZU shares and decreased TP to PLN 390 from PLN 400.

Analyst

Paweł Kozub +48 22 586 23 53 pawel.kozub@caib.unicreditgroup.eu

13 April 2012, Espirito Santo Investment Bank

Recommendation Buy
Target price 415.00 PLN
Current price 315.20 PLN
Time horizon 12 months

Analysts from Espirito Santo Investment Bank, supported Buy recommendation for PZU shares and decreased TP to PLN 415

Analyst

Kamil Stolarski +48 22 347 40 48 kstolarski@esinvestment.pl

29 March 2012, Deutsche Bank

Recommendation Buy
Target price 400.00 PLN
Current price 326.00 PLN
Time horizon 12 months

Analysts from DB, supported Buy recommendation for PZU shares and decreased TP to PLN 400 from PLN 420.

Analyst

Marcin Jabłczyński +48 22 579 87 33 marcin.jablczynski@db.com

19 March 2012, Millenium DM

Recommendation Accumulate
Target price 369.10 PLN
Current price 340.00 PLN
Time horizon

Analysts from Millennium DM supported Accumulate recommendation for PZU shares and raised TP to PLN 369.10 from PLN 357.

Analyst

Marcin Materna +48 22 598 26 82 marcin.materna@millenniumdm.pl

18 March 2012, Credit Suisse

Recommendation Neutral
Target price 370.00 PLN
Current price 332.00 PLN
Time horizon 12 months

Analysts from Credit Suisse supported Neutral recommendation for PZU shares and decreased TP to PLN 370 from PLN 378.

Analyst

Richard Burden +44 20 7888 0499 richard.burden@credit-suisse.com

16 March 2012, Morgan Stanley

Recommendation Equal-weight
Target price 392.10 PLN
Current price 334.70 PLN
Time horizon 12 months

Analysts from Morgan Stanley supported Equal-weight recommendation for PZU shares and decreased TP to PLN 392.10 from PLN 397.60.

Analyst

Maciej Wasilewicz +44 20 7425 9104 Maciej.Wasilewicz@morganstanley.com

12 March 2012, Morgan Stanley

Recommendation Equal-weight
Target price 397.60 PLN
Current price 333.00 PLN
Time horizon 12 months

Analysts from Morgan Stanley supported Equal-weight recommendation for PZU shares and decreased TP to PLN 397.60 from PLN 434.

Analyst

Maciej Wasilewicz +44 20 7425 9104 Maciej.Wasilewicz@morganstanley.com

28 February 2012, Goldman Sachs

Recommendation Neutral
Target price 392.00 PLN
Current price 339.00 PLN
Time horizon 12 months

Analysts from Goldman Sachs supported their earlier recommendation for PZU shares.

Analyst

Vinit Malhotra +44 20 7774 3488 vinit.malhotra@gs.com

17 February 2012, DM BH (Citi)

Recommendation Buy
Target price 436,00 PLN
Current price 339,90 PLN
Time horizon 12 months

Analysts from Citigroup supported Buy recommendation for PZU shares and decreased TP to PLN 436 from PLN 449.

Analyst

Andrzej Powierża +48 22 690 35 66 andrzej.powierza@citi.com

17 February 2012, UBS

Recommendation Buy
Target price 370,00 PLN
Current price 336,40 PLN
Time horizon 12 months

Analysts from UBS supported Buy recommendation for PZU shares and raised TP to PLN 370.00 from PLN 349.00.

Analyst

Tomasz Walkowicz +44 20 7568 0069 tomasz.walkowicz@ubs.com

10 February 2012, DI BRE Banku S.A.

Recommendation Accumulate
Target price 345,00 PLN
Current price 339,60 PLN
Time horizon 9 months

Analysts from DI BRE Banku changed their recommendation for PZU shares from Hold to Accumulate, and raised TP to PLN 345 from PLN 335.

Analyst

Iza Rokicka +48 22 697 47 37 Iza.Rokicka@dibre.com.pl

6 February 2012, Barclays Capital

Recommendation Underweight
Target price 337.00 PLN
Current price 343.50 PLN
Time horizon 12 months

Analysts from Barclays Capital supported underweight recommendation for PZU shares and raised TP to PLN 337 from PLN 335.

Analysts

Claudia Gaspari +44 20 3134 6039 Claudia.gaspari@barcap.com +44 20 3134 4799 Olivia.brindle@barcap.com

30 January 2012, Goldman Sachs

Recommendation Neutral
Target price 392.00 PLN
Current price 335.00 PLN
Time horizon 12 months

Analysts from Goldman Sachs supported their earlier recommendation for PZU shares.

Analyst

Vinit Malhotra +44 20 7774 3488 vinit.malhotra@gs.com

24 January 2012, ING

Recommendation Buy
Target price 374.40 PLN
Current price 319.10 PLN
Time horizon 12 months

Analysts from ING supported Buy recommendation for PZU shares and decreased TP to PLN 374.40 from PLN 426.10.

Analysts

Piotr Palenik +48 22 820 50 20

Andrzej Nowaczek +44 20 7767 6635 andrzej.nowaczek@uk.ing.com

18 January 2012, Ipopema

Recommendation Buy
Target price 378,00 PLN
Current price 310,60 PLN
Time horizon 12 months

Analysts from Ipopema supported Buy recommendation for PZU shares and decreased TP to PLN 378 from PLN 401.

Analyst

Tomasz Bursa +48 22 236 92 31 tomasz.bursa@ipopema.pl

17 January 2012, JP Morgan

Recommendation Overweight
Target price 402.00 PLN
Current price 311.10 PLN
Time horizon 18 months

Analysts from JP Morgan supported their earlier recommendation for PZU shares.

Analyst

Michael Huttner +44 20 7325 9175 michael.huttner@jpmorgan.com

16 January 2012, HSBC Global Research

Recommendation Neutral
Target price 372,00 PLN
Current price 308,20 PLN
Time horizon 12 months

Analysts from HSBC supported Neutral recommendation for PZU shares and TP of PLN 372.

Analyst

Dhruv Gahlaut +44 20 7991 6728 Dhruv.gahlaut@hsbcib.com

2011

14 December 2011, Barclays Capital

Recommendation Underweight
Target price 335.00 PLN
Current price 311.40 PLN
Time horizon 12 months

Analysts from Barclays Capital supported underweight recommendation for PZU shares and decreased TP to PLN 335 from PLN 369.

Analysts

Claudia Gaspari +44 20 3134 6039 Claudia.gaspari@barcap.com +44 20 3134 4799 Olivia.brindle@barcap.com

29 November 2011, Trigon DM

Recommendation Buy
Target price 375.00 PLN
Current price 310.00 PLN
Time horizon 9 months

Analysts from Trigon DM supported Buy recommendation for PZU shares and decreased TP to PLN 375 from PLN 445.

Analyst

Hanna Kędziora hanna.kedziora@trigon.pl

18 November 2011, DI BRE Banku S.A.

Recommendation Hold
Target price 335.00 PLN
Current price 321.00 PLN
Time horizon 9 months

Analysts from DI BRE Banku supported Hold recommendation for PZU shares and decreased TP to PLN 335 from PLN 390.

Analyst

Iza Rokicka +48 22 697 47 37 Iza.Rokicka@dibre.com.pl

14 November 2011, UBS

Recommendation Buy
Target price 349.00 PLN
Current price 317.90 PLN
Time horizon 12 months

Analysts from UBS changed their recommendation for PZU shares from Neutral to Buy, and and raised TP to PLN 349 from PLN 335.

Analyst

Tomasz Walkowicz +44 20 7568 0069 tomasz.walkowicz@ubs.com

9 November 2011, Morgan Stanley

Recommendation Equal-weight
Target price 434.00 PLN
Current price 343.00 PLN
Time horizon 12 miesięcy

Analitycy Morgan Stanley podtrzymali wcześniejszą rekomendację „equal-weight" dla akcji PZU, podnosząc cenę docelową do 434 zł z 430 zł.

Analyst

Maciej Wasilewicz +44 20 7425 9104 Maciej.Wasilewicz@morganstanley.com

9 November 2011, Societe Generale

Recommendation Hold
Target price 346.00 PLN
Current price 334.90 PLN
Time horizon 12 months

Analysts from Societe Generale supported Hold recommendation for PZU shares and decreased TP to PLN 346 from PLN 400.

Analyst

Emmanuelle Cales +33 1 42 13 42 08 emmanuelle.cales@sgcib.com

31 October 2011, Credit Suisse

Recommendation Neutral
Target price 378.00 PLN
Current price 337.70 PLN
Time horizon 12 months

Analysts from Credit Suisse supported Neutral recommendation for PZU shares and raised TP to PLN 378 from PLN 377.

Analyst

Richard Burden +44 20 7888 0499 richard.burden@credit-suisse.com

21 October 2011, UniCredit

Analyst

P K

18 October 2011, JP Morgan

Recommendation Overweight
Target price 402.00 PLN
Current price 313.80 PLN
Time horizon 18 months

Analysts from JP Morgan supported their earlier recommendation for PZU shares.

Analyst

Michael Huttner +44 20 7325 9175 michael.huttner@jpmorgan.com

29 September 2011, UBS

Recommendation Neutral
Target price 335.00 PLN
Current price 317.90 PLN
Time horizon 12 months

Analysts from UBS changed their recommendation for PZU shares from Buy to Neutral, and decreased TP to PLN 335 from PLN 403.

Analyst

Tomasz Walkowicz +44 20 7325 9175 tomasz.walkowicz@ubs.com

19 September 2011, Millenium DM

Recommendation Accumulate
Target price 357.00 PLN
Current price 345.00 PLN
Time horizon

Analysts from Millennium DM supported Accumulate recommendation for PZU shares and decreased TP to PLN 357 from PLN 378.20.

Analyst

Marcin Materna +48 22 598 26 82 marcin.materna@millenniumdm.pl

7 September 2011, DM BH (Citi)

Recommendation Buy
Target price 449.00 PLN
Current price 341.00 PLN
Time horizon 12 months

Analysts from Citigroup supported their earlier recommendation for PZU shares.

Analyst

Andrzej Powierża +48 22 690 35 66 andrzej.powierza@citi.com

6 September 2011, ERSTE

Recommendation Buy
Target price 449.00 PLN
Current price 341.00 PLN
Time horizon 12 months

Analysts from Erste Bank supported their earlier recommendation for PZU shares.

Analyst

Christoph Schultes +43 5 0100 16314 christoph.schultes@erstegroup.com

2 September 2011, UBS

Recommendation Buy
Target price 403.00 PLN
Current price 354.00 PLN
Time horizon 12 months

Analysts from UBS supported Buy recommendation for PZU shares and decreased TP to PLN 403 from PLN 427.

Analyst

Tomasz Walkowicz +44 20 7568 0069 tomasz.walkowicz@ubs.com

2 September 2011, UBS

Recommendation Buy
Target price 450.00 PLN
Current price 350.00 PLN
Time horizon 12 months

Analysts from Espirito Santo supported their earlier recommendation for PZU shares.

Analyst

Kamil Stolarski +48 22 347 40 48 kstolarski@esinvestment.pl

29 August 2011, Deutsche Bank

Analyst

M J

26 August 2011, Societe Generale

Recommendation Hold
Target price 400.00 PLN
Current price 336.50 PLN
Time horizon 12 months

Analysts from Societe Generale supported their earlier recommendation for PZU shares.

Analysts

Emmanuelle Cales +33 1 42 13 42 08 emmanuelle.cales@sgcib.com benjamin.bettan@sgcib.com

26 August 2011, Morgan Stanley

Recommendation Equal-weight
Target price 430.00 PLN
Current price 335.00 PLN
Time horizon 12 months

Analysts from Morgan Stanley supported Equal-weight recommendation for PZU shares and decreased target price to PLN 430 from PLN 444.

Analyst

Maciej Wasilewicz +44 20 7425 9104 Maciej.Wasilewicz@morganstanley.com

26 August 2011, JP Morgan

Recommendation Overweight
Target price 402.00 PLN
Current price 336.50 PLN
Time horizon 18 months

Analysts from JP Morgan supported Overweight recommendation for PZU shares and decreased target price to PLN 402 from PLN 460.

Analyst

Michael Huttner +44 20 7325 9175 michael.huttner@jpmorgan.com

23 August 2011, Credit Suisse

Analyst

R B

8 August 2011, Slikroutefinancial

Analyst

E M

20 July 2011, Espirito Santo Investment

Analyst

B K S

15 July 2011, UniCredit

Analyst

P K

13 July 2011, Jefferies International Limited

Analyst

N P

12 July 2011, Barclays Capital

Recommendation Underweight
Target price 369.00 PLN
Current price 377.00 PLN
Time horizon 12 months

Analysts from Barclays Capital initiated coverage of PZU shares with a Underweight rating and TP of PLN 369.

Analysts

Claudia Gaspari +44 20 3134 6039 claudia.gaspari@barcap.com +44 20 3134 4799 Olivia.brindle@barcap.com

7 July 2011, HSBC Global Research

Recommendation Neutral
Target price 385.00 PLN
Current price 382.00 PLN
Time horizon 12 months

Analysts from HSBC initiated coverage of PZU shares with a Neutral rating and TP of PLN 385.

Analyst

Dhruv Gahlaut +44 20 7991 6728 Dhruv.gahlaut@hsbcib.com

30 June 2011, Ipopema

Recommendation Buy
Target price 401.00 PLN
Current price 383.00 PLN
Time horizon 12 months

Analysts from Ipopema supported Buy recommendation for PZU shares and raised TP to PLN 401 from PLN 378.

Analyst

Tomasz Bursa +48 22 236 92 31 tomasz.bursa@ipopema.pl

22 June 2011, Trigon DM

Recommendation Buy
Target price 445.00 PLN
Current price 388.00 PLN
Time horizon 12 months

Analysts from Trigon DM initiated coverage of PZU shares with a Buy rating and target price of PLN 445.00.

Analyst

Hanna Kędziora hanna.kedziora@trigon.pl

20 June 2011, UBS

Recommendation Buy
Target price 427.00 PLN
Current price 385.30 PLN
Time horizon 12 months

Analysts from UBS supported Buy recommendation for PZU shares and raised TP to PLN 427 from PLN 403.

Analyst

Tomasz Walkowicz +44 20 7568 0069 tomasz.walkowicz@ubs.com

3 June 2011, DI BRE Banku S.A.

Recommendation Hold
Target price 390.00 PLN
Current price 391.00 PLN
Time horizon 9 months

Analysts from DI BRE changed their recommendation for PZU shares from Accumulate to Hold.

Analyst

Iza Rokicka +48 22 697 47 37 Iza.Rokicka@dibre.com.pl

31 May 2011, DM BH (Citi)

Recommendation Buy
Target price 449.00 PLN
Current price 391.50 PLN
Time horizon 12 months

Analysts from Citigroup supported Buy recommendation for PZU shares and raised TP to PLN 449 from PLN 431.

Analyst

Andrzej Powierża +48 22 690 35 66 andrzej.powierza@citi.com

31 May 2011, Morgan Stanley

Recommendation Equal-weight
Target price 444.00 PLN
Current price 388.90 PLN
Time horizon 12 months

Analysts from Morgan Stanley supported Equal-weight recommendation for PZU shares and raised TP to 444 from PLN 436.

Analysts

Maciej Wasilewicz +44 20 7425 9104 Maciej.Wasilewicz@morganstanley.com

Jon Hocking +44 20 7425 2307 Jon.Hocking@morganstanley.com

18 May 2011, ING

Analyst

A N

13 May 2011, JP Morgan

Analyst

M H

20 April 2011, JP Morgan

Analyst

M H

19 April 2011, Ipopema

Analyst

T B

6 April 2011, Goldman Sachs

Recommendation Neutral
Target price 392.00 PLN
Current price 364.50 PLN
Time horizon 12 months

Analysts from Goldman Sachs supported Neutral recommendation for PZU shares and raised TP to PLN 392 from PLN 370.

Analyst

Vinit Malhotra vinit.malhotra@gs.com

22 March 2011, Morgan Stanley

Recommendation Equal-weight
Target price 436.00 PLN
Current price 351.00 PLN
Time horizon 12 months

Analysts from Morgan Stanley supported Equal-weight recommendation for PZU shares and decreased target price to PLN 436 from PLN 446.

Analysts

Maciej Wasilewicz +44 20 7425 9104 Maciej.Wasilewicz@morganstanley.com

Jon Hocking +44 20 7425 2307 Jon.Hocking@morganstanley.com

18 March 2011, JP Morgan

Recommendation Overweight
Target price 472.00 PLN
Current price 351.50 PLN
Time horizon 18 months

Analysts from JP Morgan supported their earlier recommendation for PZU shares.

Analyst

Michael Huttner +44 20 7325 9175 michael.huttner@jpmorgan.com

18 March 2011, UBS

Recommendation Buy
Target price 403.00 PLN
Current price 339.70 PLN
Time horizon 12 months

Analysts from UBS changed their recommendation for PZU shares from Neutral to Buy, and raised TP to PLN 403 from PLN 397.

Analyst

Tomasz Walkowicz +44 20 7568 0069 tomasz.walkowicz@ubs.com

17 March 2011, Millenium DM

Recommendation Accumulate
Target price 378.20 PLN
Current price 352.00 PLN
Time horizon

Analysts from Millennium DM changed their recommendation for PZU shares from Neutral to Accumulate, and raised TP to PLN 378.20 from PLN 378.10.

Analyst

Marcin Materna +48 22 598 26 82 marcin.materna@millenniumdm.pl

17 March 2011, Credit Suisse

Recommendation Neutral
Target price 400.00 PLN
Current price 351.00 PLN
Time horizon 12 months

Analysts from Credit Suisse, supported Neutral recommendation for PZU shares and raised TP to PLN 400 from PLN 392.

Analyst

Richard Burden +44 20 7888 0499 richard.burden@credit-suisse.com

16 March 2011, Deutsche Bank

Recommendation Buy
Target price 420.00 PLN
Current price 341.90 PLN
Time horizon 12 months

Analysts from DB, supported their earlier recommendation for PZU shares.

Analyst

Marcin Jabłczyński +48 22 579 87 33 marcin.jablczynski@db.com

3 March 2011, KBC Securities

Analyst

M M R C F A

23 February 2011, Deutsche Bank

Recommendation Buy
Target price 420.00 PLN
Current price 351.70 PLN
Time horizon

Analysts from DB, supported Buy recommendation for PZU shares and raised target price to PLN 420 from PLN 390.

Analyst

Marcin Jabłczyński +48 22 579 87 33 marcin.jablczynski@db.com

9 February 2011, ERSTE

Recommendation Accumulate
Target price 400.00 PLN
Current price 353.00 PLN
Time horizon 12 months

Analysts from Erste Bank changed their recommendation for PZU shares from Hold to Accumulate.

Analyst

Christoph Schultes +43 5 0100 16314 christoph.schultes@erstegroup.com

2 February 2011, JP Morgan

Recommendation Overweight
Target price 472.00 PLN
Current price 344.50 PLN
Time horizon 18 months

Analysts from JP Morgan supported their earlier recommendation for PZU shares.

Analyst

Michael Huttner +44 20 7325 9175 michael.huttner@jpmorgan.com

21 January 2011, UniCredit

Analyst

P K

14 January 2011, Ipopema

Recommendation Buy
Target price 378.00 PLN
Current price 344.00 PLN
Time horizon 12 months

Analysts from Ipopema changed their recommendation for PZU shares from Hold to Buy, and raised TP to PLN 378 from PLN 374.

Analyst

Tomasz Bursa +48 22 236 92 31 tomasz.bursa@ipopema.pl

2010

13 December 2010, DI BRE Banku S.A.

Recommendation Accumulate
Target price 390.00 PLN
Current price 360.50 PLN
Time horizon 9 months

Analysts from DI BRE initiated coverage of PZU shares with Accumulate rating and target price of PLN 431.

Analyst

Iza Rokicka +48 22 697 47 37 Iza.Rokicka@dibre.com.pl

9 December 2010, DM BH (Citi)

Recommendation Buy
Target price 431.00 PLN
Current price 361.90 PLN
Time horizon 12 months

Analysts from Citigroup initiated coverage of PZU shares with a Buy rating and target price of PLN 431.

Analyst

Andrzej Powierża +48 22 690 35 66 andrzej.powierza@citi.com

1 December 2010, Ipopema

Recommendation Hold
Target price 374.00 PLN
Current price 362.50 PLN
Time horizon 12 months

Analysts from Ipopema initiated coverage of PZU shares with a Hold rating, and target price of PLN 374.

Analyst

Tomasz Bursa +48 22 236 92 31 tomasz.bursa@ipopema.pl

19 November 2010, ING

Recommendation Hold
Target price 365.70 PLN
Current price 368.10 PLN
Time horizon 12 months

Analysts from ING changed their earlier recommendation for PZU shares from Sell to Hold, and raised target price to PLN 365.70 from PLN 337.85.

Analyst

Piotr Palenik +48 22 820 50 20

18 November 2010, UBS

Recommendation Neutral
Target price 397.00 PLN
Current price 369.00 PLN
Time horizon 12 months

Analysts from UBS, supported their earlier recommendation for PZU shares after the publication Q3,2010 results.

Analyst

Tomasz Walkowicz +44 20 7568 0069 tomasz.walkowicz@ubs.com

16 November 2010, Credit Suisse

Recommendation Neutral
Target price 392.00 PLN
Current price 370.00 PLN
Time horizon 12 months

Analysts from Credit Suisse, supported their earlier recommendation for PZU shares after the publication Q3,2010 results.

Analyst

Richard Burden +44 20 7888 0499 richard.burden@credit-suisse.com

16 November 2010, Morgan Stanley

Recommendation Equal-weight
Target price 446.00 PLN
Current price 362.30 PLN
Time horizon 12 months

Analysts from Morgan Stanley supported their earlier Equal-weight recommendation for PZU shares, and raised target price to PLN 446 from PLN 426.

Analysts

Maciej Wasilewicz +44 20 7425 9104 maciej.wasilewicz@morganstanley.com +44 20 7425 2307 jon.hocking@morganstanley.com

15 November 2010, Millenium DM

Recommendation Neutral
Target price 378.10 PLN
Current price 370.00 PLN
Time horizon

Analysts from Millennium DM, supported their earlier Neutral recommendation for PZU shares, and raised target price to PLN 378.10 from PLN 362.50.

Analyst

Marcin Materna +48 22 598 26 82 marcin.materna@millenniumdm.pl

4 November 2010, Societe Generale

Recommendation Hold
Target price 400.00 PLN
Current price 380.50 PLN
Time horizon 12 months

Analysts from Societe Generale initiated coverage of PZU shares with a Hold rating, and target price of PLN 400.

Analysts

Emmanuelle Cales +33 1 42 13 42 08 emmanuelle.cales@sgcib.com benjamin.bettan@sgcib.com

8 October 2010, UniCredit

Analyst

P K

9 September 2010, JP Morgan

Recommendation Overweight
Target price 472.00 PLN
Current price 395.00 PLN
Time horizon 18 months

Analysts from JP Morgan supported their earlier recommendation for PZU shares.

Analyst

Michael Huttner +44 20 7325 9175 michael.huttner@jpmorgan.com

6 September 2010, Credit Suisse

Analyst

R B

2 September 2010, DM PKO BP

Recommendation Accumulate
Target price 400.00 PLN
Current price 375.00 PLN
Time horizon 12 months

Analysts from DM PKO BP initiated coverage of PZU shares with a Accumulate rating, and target price of PLN 400.

Analyst

H K

2 September 2010, ERSTE

Recommendation Hold
Target price 400.00 PLN
Current price 377.60 PLN
Time horizon 12 months

Analysts from Erste Group initiated coverage of PZU shares with a Hold, and target price of PLN 400.

Analyst

Christoph Schultes +43 5 0100 16314 christoph.schultes@erstegroup.com

1 September 2010, Millennium DM

Recommendation Neutral
Target price 362.50 PLN
Current price 377.60 PLN
Time horizon

Analysts from Millennium DM initiated coverage of PZU shares with a Neutral rating, and target price of PLN 362.50.

Analyst

Marcin Materna +48 22 598 26 82 marcin.materna@millenniumdm.pl

30 August 2010, UBS

Recommendation Neutral
Target price 397.00 PLN
Current price 373.60 PLN
Time horizon 12 months

Analysts from UBS supported their earlier Neutral recommendation for PZU shares and raised target price to PLN 397 from PLN 391.

Analyst

Tomasz Walkowicz +44 20 7568 0069 tomasz.walkowicz@ubs.com

27 August 2010, Morgan Stanley

Recommendation Equal-weight
Target price 426.00 PLN
Current price 371.00 PLN
Time horizon 12 months

Analysts from Morgan Stanley supported their earlier Equal-weight recommendation for PZU shares, and raised target price to PLN 426 from PLN 419.

Analysts

Maciej Wasilewicz +44 20 7425 9104 Maciej.Wasilewicz@morganstanley.com

Jon Hocking +44 20 7425 2307 Jon.Hocking@morganstanley.com

26 August 2010, Deutsche Bank

Recommendation Buy
Target price 390.00 PLN
Current price 379.50 PLN
Time horizon 12 months

Analysts from DB, supported their earlier recommendation for PZU shares.

Analyst

Marcin Jabłczyński +48 22 579 87 33 marcin.jablczynski@db.com

20 August 2010, JP Morgan

Recommendation Overweight
Target price 472.00 PLN
Current price 384.00 PLN
Time horizon 18 months

Analysts from JP Morgan initiated coverage of PZU shares with a Overweight rating, and target price of PLN 472.

Analyst

Michael Huttner +44 20 7325 9175 michael.huttner@jpmorgan.com

18 August 2010, USB

Recommendation Neutral
Target price 391.00 PLN
Current price 390.10 PLN
Time horizon 12 months

Analysts from UBS changed their earlier recommendation for PZU shares from Buy to Neutral.

Analyst

Tomasz Walkowicz +44 20 7568 0069 tomasz.walkowicz@ubs.com

13 August 2010, Deutsche Bank

Recommendation Buy
Target price 390.00 PLN
Current price 383.10 PLN
Time horizon 12 months

Analysts from DB, supported their earlier recommendation for PZU shores.

Analyst

Marcin Jabłczyński +48 22 579 87 33 marcin.jablczynski@db.com

11 August 2010, Goldman Sachs

Recommendation Neutral
Target price 430.00 PLN
Current price 381.50 PLN
Time horizon 12 months

Analysts from Goldman Sachs supported their earlier Neutral recommendation for PZU shares and raised target price to PLN 430 from PLN 369.

Analysts

Will Morgan +44 20 7051 1823 will.morgan@gs.com vinit.malhotra@gs.com

19 July 2010, ING

Recommendation Sell
Target price 337.85 PLN
Current price 374.00 PLN
Time horizon 12 months

Analysts from ING changed their earlier recommendation for PZU shares from Hold to Sell, and raised target price to PLN 337.85 from PLN 318.

Analysts

Piotr Palenik +48 22 820 50 20

Andrzej Nowaczek +44 20 7767 6635 andrzej.nowaczek@uk.ing.com

18 June 2010, Deutsche Bank

Recommendation Buy
Target price 390.00 PLN
Current price 357.50 PLN
Time horizon 12 months

Analysts from Deutsche Bank initiated coverage of PZU shares with a Buy rating, and target price of PLN 390.

Analyst

Marcin Jabłczyński +48 22 579 87 33 marcin.jablczynski@db.com

17 June 2010, Goldman Sachs

Recommendation Neutral
Target price 369.00 PLN
Current price 352.40 PLN
Time horizon 12 months

Analysts from Goldman Sachs initiated coverage of PZU shares with a Neutral rating and target price of PLN 369.

Analysts

Will Morgan +44 20 7051 1823 will.morgan@gs.com vinit.malhotra@gs.com

15 June 2010, Credit Suisse

Recommendation Neutral
Target price 360.00 PLN
Current price 349.00 PLN
Time horizon 12 months

Analysts from Credit Suisse initiated coverage of PZU shares with a Neutral rating and target price of PLN 360.

Analyst

Richard Burden +44 20 7888 0499 richard.burden@credit-suisse.com

14 June 2010, Morgan Stanley

Recommendation Equal-weight
Target price 419.00 PLN
Current price 349.00 PLN
Time horizon 12 months

Analysts from Morgan Stanley initiated coverage of PZU shares with a Equal-weight rating and target price of PLN 419.00.

Analysts

Maciej Wasilewicz +44 20 7425 9104 Maciej.Wasilewicz@morganstanley.com

Jon Hocking +44 20 7425 2307 Jon.Hocking@morganstanley.com

2 June 2010, UBS

Recommendation Buy
Target price 391.00 PLN
Current price 349.50 PLN
Time horizon 12 months

Analysts from UBS supported their earlier Buy recommendation for PZU shares and decreased target price to PLN 391 from PLN 395.

Analyst

Tomasz Walkowicz +44 20 7568 0069 tomasz.walkowicz@ubs.com

13 May 2010, UBS

Recommendation Buy
Target price 395.00 PLN
Current price 360.00 PLN
Time horizon 12 months

Analysts from UBS initiated coverage of PZU shares with a Buy rating and target price of PLN 391.

Analyst

Tomasz Walkowicz +44 20 7568 0069 tomasz.walkowicz@ubs.com

11 May 2010, ING

Recommendation Hold
Target price 318.00 PLN
Current price 312.50 PLN
Time horizon 12 months

Analysts from ING initiated coverage of PZU shares with a Hold rating and target price of PLN 318.

Analysts

Piotr Palenik +48 22 820 50 20

Andrzej Nowaczek +44 20 7767 6635 andrzej.nowaczek@uk.ing.com

11 May 2010, DI BRE Bank S.A.

Recommendation n.d.
Target price 358.80 PLN
Current price 312.50 PLN
Time horizon 9 months

Analysts from DI BRE Bank initiated coverage of PZU shares from target price of PLN 358.80.

Analysts

Marta Jeżewska +48 22 697 47 37 marta.jezewska@dibre.com.pl

Iza Rokicka +48 22 697 47 37 Iza.Rokicka@dibre.com.pl

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