Oddo BHF is maintaining its 'neutral' rating on SAP shares, with a target price raised slightly from €195 to €198, ahead of the company's Q2 results to be published after close of trading on July 22.

The analyst believes that the Group should post another solid performance in terms of topline, thanks to the momentum linked to the transition of its installed base to S/4 Hana Cloud.

'We expect Q2 sales of 8.22 billion euros, up 9.4% cc. The gap with consensus expectations (+9.8% cc) stems from a more cautious approach to license sales (ODDO BHF: -35% cc vs css VA: -26% cc)', says the broker.

'SAP seems to us in a position to raise its annual guidance slightly, even if the company perceives some signs of wait-and-see attitude on the part of customers', concludes Oddo BHF.


Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.