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SAP : Jefferies upgrades to 'buy', target revised upwards

( - On Friday, Jefferies upgraded its recommendation on SAP shares from 'hold' to 'buy', with a target price raised from 135 euros to 190 euros.

In a research note, the broker acknowledges that the company delivered mixed fourth-quarter results, but is reassured by the level of order backlog in its cloud activities.

This sustained momentum in the cloud means that SAP can now credibly claim growth of 10%-12% per annum, compared with 8%-10% to date", he explains.

With growth of 12%, as we expect by 2026, SAP would be growing in line with American leaders such as Adobe, Intuit and Salesforce', adds the American broker.

'This factor should remove any ceiling limiting its valuation in the short term', he concludes.

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