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SAP: sales below forecasts - Oddo cuts TP

( - With Germany's corporate software publisher SAP announcing mixed quarterly results and sales (6.
54 billion euros) that are 5% below expectations, Oddo believes that the company also has a dimmer outlook for 2021 and 2022, resulting in lower forecasts.

Indeed, SAP announces that its growth will be limited in 2021 and 2022 and that its margins will not increase over the same period. By 2023 the impact on margins is estimated at 4 to 5 points, Oddo says. It is therefore cutting its 2020-22 OP estimates by -3%, -12% and -16% respectively.

In this context, while Oddo maintains its buy rating on the share, it has significantly cut its target price from 162 euros to 138 euros - although this still leaves it with 38% upside potential.

The share is up over 2.5% in late morning trading in Frankfurt on Tuesday.

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