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SAP: UBS raises target price

( - UBS has renewed its buy rating on SAP shares today, having increased its target price for them from 107 euros to 120 euros, following its recent meeting with the German enterprise software giant's management.

In a report, the broker underlines that the group's CEO, Christian Klein, as well as its CFO Luka Mucic, praised the company's prospects in a "confident tone".

In particular, they highlighted the significant development of the "RISE" transformation platform, which they said was supporting the company's order book because of its long deployment times, which often extend over several years with the largest customers, UBS says.

This characteristic makes the group's business resilient to the economic downturn, they say, not to mention growth in the cloud, which they say far outstrips growth in the rest of the catalogue.

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