Kepler Capital
Kepler Cheuvreux, the successor to Kepler Capital Markets, is a Paris-based independent European broker covering more than 1,000 European stocks as of 2026; it ranked first overall among country brokers in Extel's 2025 and 2026 European surveys.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 512M
- Actions
- 512M
- Ratings / Price targets
- 3 / 2
- Upgrades / Downgrades
- 2 / 1
- Buy-rated
- 33%of 3 rated
- Median upside
- −10.7%
- On record
- Jul 2021 – Sep 2026
Overview
Kepler Cheuvreux covers more than 1,000 European stocks for about 1,600 institutional clients as of 2026 and also publishes ESG, quantitative and credit research. In Extel's 2025 survey it placed first for Europe country research, with 21 analysts ranked in the top 10 of country categories.
The firm began in 1997 as Julius Baer Brokerage, which was sold to Lightyear Fund in 2003 and renamed Kepler Equities, then bought by Iceland's Landsbanki in 2005. After Landsbanki's 2008 collapse, a management buyout created Kepler Capital Markets. In 2013 it acquired Crédit Agricole Cheuvreux and became Kepler Cheuvreux; as of 2026 management and staff hold 34.79% of the capital alongside Atlas Merchant Capital, Crédit Agricole CIB, UniCredit and other banks.
Milestones
- 1997
Founded as Julius Baer Brokerage
- 2003
Sold to Lightyear Fund, renamed Kepler Equities
- 2005
Acquired by Landsbanki, renamed Landsbanki Kepler
- 2008
Management buyout forms Kepler Capital Markets
- 2013
Acquired Crédit Agricole Cheuvreux, renamed Kepler Cheuvreux
- 2018
Atlas Merchant Capital and ERES buy BlackFin's stake
Firm facts
- Legal name
- Kepler Cheuvreux SA
- Type
- Full-service
- Founded
- 1997
- Headquarters
- Paris, France
- Group Chief Executive Officer
- Frédéric Méron
- Rating scale
- BuyHoldReduce12 months
- Also filed as
- Kepler
- Website
- keplercheuvreux.com
Research philosophy
As a research provider, Kepler Cheuvreux’s empirical research seeks to challenge the consensus and critically question company management’s statements.
Kepler Cheuvreux emphasizes research grounded in local knowledge. Analysts in its local offices maintain contact with covered companies, their unlisted competitors, customers and suppliers, and, where relevant, regulators and politicians. The firm says company meetings generate more useful investment ideas than routine research updates, and that avoiding proprietary trading helps it provide objective advice without trading conflicts.
Rating methodology
Its absolute ratings reflect expected price changes over 12 months: Buy indicates upside of at least 10%, Hold indicates upside of less than 10%, and Reduce indicates an expected decline.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
| CCCCPPF | Hold | — |
 FLEX LNG Ltd.FLNG | — | $25 |
 Frontline Ltd.FRO | — | $12.49 |
 Qiagen N.V.QGEN | — | $38.60 |
 Banco Santander, S.A.SAN | Buy | — |
 Unilever PLCUL | Hold | — |
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 22 | CCCCPPF | Upgrade | Reduce →Hold | ||
| Jun 25 | Qiagen N.V.QGEN | Target | $38.60 | ||
| May 14 | FLEX LNG Ltd.FLNG | Target | $25 | ||
| Feb 17 | Unilever PLCUL | Downgrade | Buy →Hold | ||
| Jan 13 | Banco Santander, S.A.SAN | Upgrade | Hold →Buy | ||
| Mar 27, 2025 | Frontline Ltd.FRO | Target | $12.49 | ||
| Jan 20, 2022 |  argenx SEARGX | Target | $300 | Daan Vandenberk | |
| Jul 7, 2021 | GLGalapagos N.V.GLPG | Target | $79 | David Evans |