SAP AG (SAP) PT Lowered to €200 at KeyBanc
KeyBanc analyst Jackson Ader lowered the price target on SAP (SAP:GR) (NYSE: SAP) to €200.00 (from €235.00) while maintaining a Overweight rating.
The analyst commented: "Cloud Bookings Best Our Worries; In a quarter where results were not expected to be strong, we will take our slight organic upside to cloud backlog growth and mostly reiterated guidance and move right along. In contrast to ServiceNow yesterday, very little gave us optimistic feelings heading into SAP's second quarter print, so better than forecasted organic bookings and increased confidence in cloud revenue growth (although the guide still calls for de-escalation in Iran) for the remainder of the year was a welcomed outcome. We are lowering our price target to €200 to reflect the sector's derating."