Kepler Capital
Kepler Cheuvreux SA
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.
Company history
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.
- 1997Founded as Julius Baer Brokerage
- 2003Sold to Lightyear Fund, renamed Kepler Equities
- 2005Acquired by Landsbanki, renamed Landsbanki Kepler
- 2008Management buyout forms Kepler Capital Markets
- 2013Acquired Crédit Agricole Cheuvreux, renamed Kepler Cheuvreux
- 2018Atlas Merchant Capital and ERES buy BlackFin's stake
Research
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. Ratings are absolute: Buy requires at least 10% expected upside over 12 months, Hold less than 10%, and Reduce an expected downside.
Coverage12M
- Stocks
- 5
- Ratings
- 3
- Price targets
- 2
- Median upside
- −10.7%
- Upgrades
- 2
- Downgrades
- 1
- Initiations
- 0
- Reiterations
- 0
- Positive33%1
- Neutral67%2
- Negative0%0
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
| CCCCPPF | Hold | — |
 FLNGFLEX LNG Ltd. | — | $25 |
 FROFrontline Ltd. | — | $12.49 |
 QGENQiagen N.V. | — | $38.60 |
 SANBanco Santander, S.A. | Buy | — |
 ULUnilever PLC | Hold | — |
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
| CCCCPPF | Upgrade | Reduce →Hold | Sep 22 | |
| Qiagen N.V.QGEN | Target | $38.60 | Jun 25 | |
| FLEX LNG Ltd.FLNG | Target | $25 | May 14 | |
| Unilever PLCUL | Downgrade | Buy →Hold | Feb 17 | |
| Banco Santander, S.A.SAN | Upgrade | Hold →Buy | Jan 13 | |
| Frontline Ltd.FRO | Target | $12.49 | Mar 27, 2025 | |
 argenx SEARGX | Target | $300 | Jan 20, 2022 | |
| GLGalapagos N.V.GLPG | Target | $79 | Jul 7, 2021 |
References
- About us | Key figures | History - Kepler Cheuvreuxkeplercheuvreux.com
- Kepler Cheuvreux appoints a new Group CEO and strengthens its governance (2026)keplercheuvreux.com
- Kepler Cheuvreux, 1st Country Broker, 1st Country Research (Extel 2025)keplercheuvreux.com
- Kepler Cheuvreux ranked 1st Country Broker in 2026keplercheuvreux.com
- Kepler Cheuvreux research on Equita Group with rating system (May 2026)equita.eu