SAP AG (SAP): Take Profits Ahead Of Earnings - Cowen
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Cowen analyst, Derrick Wood, reiterated his Outperform rating on shares of SAP AG (NYSE: SAP) after partner checks are were cautious than last quarter with many citing delays due to US election uncertainty. The analyst also thinks SAP is seeing more seasonality in its business.
With the stock up 12% since 2Q's beat, the analyst thinks investors may want to take NT some profits. This cautious stance on the stock does not imply the bigger picture isn't bullish. The analyst thinks that the company's medium-term product cycle remains strong and that 4Q should be better positioned for seasonal strength.
No change to the price target of $93.
Shares of SAP AG closed at $88.61 yesterday.
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