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SAP: Jefferies starts coverage with 'buy' rating

( - Jefferies has started coverage of German enterprise software maker SAP with a "buy" rating, citing a "multi-billion euro" product cycle.

"Regardless of recent results, SAP is benefiting from the S/4Hana upgrade cycle, resulting in a multi-billion euro incremental revenue opportunity," it said in a note.

Jefferies wrote that guidance of a 500-basis points improvement in its operating margin by 2023 appears "easily achievable," with the majority stemming from cloud improvements alone.

"The vision around the recent Qualtrics acquisition is powerful and could create new market opportunities if properly executed upon," it added.

The US broker gave a target price of 138 euros to the SAP share.

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