SAP: UBS reiterates buy rating

(CercleFinance.com) - UBS reiterates its buy rating on the stock, leaving its target price unchanged at E283, which represents 9% upside potential.


We continue to see a significant gap in SAP's billing levels compared to its competitors. Closing this gap would improve cash generation. The details of the Long Term Incentive Plan (LTIP) imply cloud growth of around 29% in 2026, UBS says.

For FY 2025, SAP expects non-IFRS operating income of 10.3 to E10.6bn, as well as cloud and software sales of E33.1bn to E33.6bn, with a slight slowdown in current cloud order book growth.


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