Nomura Securities Maintains a 'Buy' on SAP AG (SAP); President of N.A., Resigns

Nomura Securities maintains a 'Buy' on SAP AG (NYSE: SAP), PT EUR58.

Analyst, Rick Sherlund, said, "We do not have any reliable information regarding the reason for Mr. Courteau’s resignation. However, we believe he has likely left for either an opportunity at a different company or personal reasons. Given recent strong performance in the Americas, it is not our expectation that a management change would be the result of any sudden developments in the first quarter. SAP trades at 16.2x CY’12E EPS and 15.1x EV/uFCF, below its five-year averages. We see potential for upside over the year as evidence of new product traction continues to build."

For an analyst ratings summary and ratings history on SAP AG click here. For more ratings news on SAP AG click here.

Shares of SAP AG closed at $67.48 yesterday.

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