Research Disclosures & Disclaimers

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Fortum (FORTUM.HE)*

UBS Rating and Price Target History Chart

Line chart explaining Price target vs Stock Price is described in below table

EQ Rating & Price Target Table

Date	Stock Price (€)	Price Target (€)	Rating
2022-02-28	18.84	26.00	Neutral
2022-05-11	16.15	21.50	Buy
2022-10-24	13.99	19.00	Buy
2022-12-02	15.97	20.00	Buy
2023-01-17	13.90	19.00	Buy
2023-02-27	14.51	18.00	Buy
2023-03-22	13.68	16.50	Buy
2023-06-20	12.79	15.00	Buy
2023-07-12	11.75	14.50	Buy
2023-10-03	10.36	13.50	Buy
2023-12-11	13.17	13.00	Neutral
2024-01-04	13.67	13.80	Neutral
2024-02-16	11.14	11.10	Neutral
2024-04-30	12.38	12.10	Neutral
2024-05-17	14.64	12.10	Sell
2024-10-30	13.48	12.40	Sell
2025-02-14	14.26	12.20	Sell

Disclosures

Within the past 12 months, UBS has received compensation for products and services other than investment banking services from this company/entity.
UBS holds a long or short position of 0.5% or more of the listed shares of this company.

Note : Historical Price Targets have been adjusted to account for any stock splits, rights issues and/or dividends which may have occurred for this security. Not Priced: Stock was not priced on the given date. No Rating: Issuer was not rated by UBS on the given day. No Price Target: For this issuer no Price Target was set by UBS on the given day. Issuers with an EQ Rating & Price Target Table are covered by UBS-IB Equity Research Analysts. Issuers without an EQ Rating & Price Target Table are not single stock covered.

* Issuers marked with an asterisk are covered by UBS-IB Equity Research Analysts. Issuers without an asterisk are not single stock covered.