Berenberg
Upgrade grade
D
Downgrade grade
D
Berenberg is one of Europe's oldest private banks, founded in Hamburg, Germany in 1668 and remaining family-owned to this day, which gives it a uniquely long-term perspective on markets and investing. The firm has grown into a significant global player with approximately 2,500 employees across major financial centers, though it maintains a more selective and relationship-focused approach than many competitors. In equity research, Berenberg is particularly known for deep coverage of European companies across industrials, healthcare, technology, and consumer sectors, though their approximately 691 US equity analyst ratings demonstrate meaningful expansion into American markets. What distinguishes Berenberg's research culture is their commitment to fundamental, independent analysis rooted in rigorous company engagement and on-the-ground investigation, reflecting the thoughtful, contrarian tradition that has enabled a private bank to thrive for over three and a half centuries.
Upgrades
159
62.26% win rate
· avg +1.11% D1
Downgrades
142
68.31% win rate
· avg -1.09% D1
Avg Gap — Upgrades
+1.50%
open vs prev close
Avg Gap — Downgrades
-1.26%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Consumer Cyclical | 50.00% (32) | -0.55% | 76.00% (25) | -1.64% |
| Basic Materials | 63.16% (19) | +0.88% | 55.56% (27) | -0.75% |
| Technology | 71.43% (28) | +2.08% | 71.43% (14) | -0.74% |
| Industrials | 77.78% (18) | +1.68% | 64.71% (17) | -1.27% |
| Consumer Defensive | 64.29% (14) | +1.03% | 73.33% (15) | -1.28% |
| Healthcare | 75.00% (12) | +1.33% | 64.71% (17) | -1.50% |
| Financial Services | 61.54% (13) | +1.85% | — | — |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2022 | 55.6% | 18 | 70.0% | 20 |
| 2021 | 56.8% | 44 | 50.0% | 22 |
| 2020 | 64.7% | 17 | 62.5% | 24 |
| 2019 | 54.5% | 11 | 76.5% | 17 |
| 2018 | 38.9% | 18 | — | — |
| 2017 | 91.7% | 12 | 63.6% | 11 |
| 2016 | 85.7% | 14 | 58.3% | 12 |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| Apr 21, 2026 | PANW | Palo Alto Networks, Inc. | Technology | Initiates | Buy | $215 | +0.5% | +3.2% |
| Jan 9, 2026 | CRWD | CrowdStrike Holdings, Inc. | Technology | Upgrade | Hold → Buy | — | +1.8% | +1.5% |
| Oct 9, 2025 | DKNG | DraftKings Inc. | Consumer Cyclical | Upgrade | Hold → Buy | — | +0.7% | +3.6% |
| Sep 17, 2025 | NVO | Novo Nordisk A/S | Healthcare | Upgrade | Hold → Buy | — | +1.0% | +1.7% |
| Sep 17, 2025 | MRK | Merck & Co., Inc. | Healthcare | Downgrade | Buy → Hold | — | -0.1% | +0.1% |
| Sep 17, 2025 | ABBV | AbbVie Inc. | Healthcare | Upgrade | Hold → Buy | — | +1.3% | +2.1% |
| Sep 17, 2025 | LLY | Eli Lilly and Company | Healthcare | Downgrade | Buy → Hold | — | -0.4% | -0.6% |
| Sep 15, 2025 | ORCL | Oracle Corporation | Technology | Maintains | Hold → Hold | — | +4.9% | +3.4% |
| Sep 10, 2025 | COTY | Coty Inc. | Consumer Defensive | Downgrade | Buy → Hold | — | -2.8% | -5.4% |
| Jul 24, 2025 | BHP | BHP Group Limited | Basic Materials | Downgrade | Hold → Sell | — | -1.5% | -2.2% |
| Jun 27, 2025 | ADSK | Autodesk, Inc. | Technology | Upgrade | Hold → Buy | — | +0.8% | +0.1% |
| Dec 11, 2024 | FERG | Ferguson plc | Industrials | Maintains | Buy → Buy | — | +0.0% | -0.7% |
| Aug 30, 2024 | ADSK | Autodesk, Inc. | Technology | Maintains | Hold → Hold | — | +4.6% | +0.1% |
| Aug 14, 2024 | LLY | Eli Lilly and Company | Healthcare | Maintains | Buy → Buy | — | +0.2% | +2.6% |
| Jul 31, 2024 | ALB | Albemarle Corporation | Basic Materials | Downgrade | Buy → Hold | — | -0.6% | +1.3% |
| Jul 11, 2024 | LLY | Eli Lilly and Company | Healthcare | Maintains | Buy → Buy | — | -0.6% | -0.6% |
| Jun 27, 2024 | RIO | Rio Tinto Group | Basic Materials | Downgrade | Buy → Hold | — | -1.2% | -1.5% |
| May 1, 2024 | ADSK | Autodesk, Inc. | Technology | Downgrade | Buy → Hold | — | -0.9% | -1.0% |
| Apr 29, 2024 | NTR | Nutrien Ltd. | Basic Materials | Upgrade | Hold → Buy | — | +1.8% | +2.9% |
| Apr 23, 2024 | STM | STMicroelectronics N.V. | Technology | Upgrade | Hold → Buy | — | +0.5% | +1.9% |
| Apr 17, 2024 | CF | CF Industries Holdings, Inc. | Basic Materials | Maintains | Hold → Hold | — | +0.6% | +0.1% |
| Apr 11, 2024 | ALB | Albemarle Corporation | Basic Materials | Upgrade | Hold → Buy | — | +1.3% | +2.1% |
| Apr 8, 2024 | MRK | Merck & Co., Inc. | Healthcare | Maintains | Buy → Buy | — | -0.3% | -1.1% |
| Mar 26, 2024 | STLA | Stellantis N.V. | Consumer Cyclical | Downgrade | Buy → Hold | — | -1.9% | -2.4% |
| Mar 20, 2024 | E | Eni S.p.A. | Energy | Downgrade | Buy → Hold | — | -1.6% | -0.4% |