SAP: Oddo BHF raises target price

(CercleFinance.com) - While maintaining its 'neutral' opinion on SAP shares, Oddo BHF has raised its target price from E200 to E216, after increasing its 2024-26 EPS estimates by over 3% following the German software publisher's quarterly publication.


While it hails an 'excellent performance', based on the modernization cycle towards S/4 Cloud and the full effect of the restructuring plan, the broker points to only a limited adjustment of targets, justified by the uncertain macroeconomic environment.

Oddo BHF nevertheless believes that SAP shares should continue to perform well in the coming weeks, thanks to the good sales momentum and the visibility offered by the company for both 2024 and 2025.


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