The External View

Analyst Reviews

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NordLB Raises SAP to "Buy" and Sets €77 Target
October 22, 2015 ─ After SAP announced its final third-quarter results, German bank NordLB raised its rating of the company's stock from "hold" to "buy" and increased the price target from €65 to €77. In a recent report, analyst Wolfgang Donie wrote that after SAP had issued preliminary results, the final numbers were not a surprise. The increase in profitability was hopefully a sign that the transition to cloud computing would improve margins sooner than expected. Another increase in the final quarter should boost the stock again.
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Baader Bank Leaves SAP on "Buy" and Sets €80 Target
October 22, 2015 ─ Following the third-quarter results, the German investment bank left SAP on "buy" with a price target of €80. In his report, analyst Knut Woller noted that, on average, analysts continued to expect software licenses to decline by a number in the mid-single digits. He wrote that, instead, he expected low single-digit growth, which should increase earnings-per-share estimates.
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JPMorgan Leaves SAP at "Overweight" and Sets €75 Target
October 21, 2015 ─ U.S. bank JPMorgan has kept its rating for SAP at "overweight" and set a price target of €75 following the announcement of SAP's final third-quarter results. The software company was driving growth in its cloud business, controlling costs, and increasing profitability, wrote analyst Stacy Pollard in a recent report. Compared with the global software sector, SAP stock looked cheap at the moment, she found.
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Kepler Cheuvreux Leaves SAP on "Hold" and Sets €65 Target
October 21, 2015 ─ Analyst firm Kepler Cheuvreux has left SAP on "hold" with a price target of €65 following the third-quarter results. Laurent Daure, an analyst at Kepler Cheuvreux, wrote in a recent report that the software company had exceeded expectations. This was mainly due to its strong performance in Europe. However, Daure cast doubt on whether the fourth quarter would be as good, and wrote that the stock rating seemed fair.
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Bernstein Raises Target for SAP to €77 and Gives "Outperform" Rating
October 21, 2015 ─ After SAP published its third-quarter results, U.S. analyst firm Bernstein Research raised its price target for SAP from €76 to €77 and kept its rating at "outperform." Their analyst, Mark Moerdler, wrote in his report that the preliminary numbers and the final results for the quarter had been strong. He increased his earnings-per-share estimates for 2016 and 2017.
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Citigroup Leaves SAP on "Buy"
October 21, 2015 ─ U.S. bank Citigroup has left SAP on "buy" after the company published its final results for the third quarter. SAP had delivered good results in its license and cloud business, wrote Citigroup analyst Walter Pritchard in a recent report. SAP was the only major company in the industry whose results were stable or improving, he noted.
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Jefferies Raises Target for SAP to €73 and Gives "Hold" Rating
October 21, 2015 ─ Following SAP's announcement of its final third-quarter results, analyst firm Jefferies raised its price target for SAP from €71 to €73 and kept their "hold" rating. In his report, analyst Brad Zelnick wrote that the strong results were in line with the preliminary numbers. SAP's core business and cloud business had performed impressively, he said.
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UBS Raises Target for SAP to €74 and Gives "Buy" Rating
October 21, 2015 ─ After SAP's third-quarter earnings announcement, Swiss banking giant UBS raised its price target for SAP from €72 to €74 and kept its "buy" rating. In a recent report, UBS analyst Michael Briest welcomed the fact that SAP was focusing on profitability again. He tweaked his forecasts but remained skeptical about the fourth quarter.
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Goldman Raises Target for SAP to €86 and Keeps "Buy" Rating
October 21, 2015 ─ After SAP's announcement of its final results for the third quarter, U.S. investment bank Goldman Sachs raised its price target for SAP from €82 to €86 and kept its "buy" rating. In a recent report, Goldman analyst Mohammed Moawalla wrote that, for the first time in two years, three key indicators had exceeded market expectations. They were license revenue, cloud subscriptions, and operating margin. He raised his earnings per share forecast for 2015 to 2017.
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Berenberg Leaves SAP on "Hold" and Sets €63.10 Target
October 20, 2015 ─ Following SAP's announcement of its final results for the third quarter, private bank Berenberg has kept its "hold" rating for SAP with a price target of €63.10. In a recent report, Daud Khan, a Berenberg analyst, wrote that though SAP's results had been strong, they had not bowled him over. Software license revenue and the cloud business had performed better than expected. However, cash flow had remained behind estimates.
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SocGen Raises Target for SAP to €66 and Gives "Hold" Rating
October 20, 2015 ─ French banking giant Societe Generale (SocGen) raised its price target for SAP from €64 to €66 after the final results for the third quarter but kept its "hold" rating. In his report, SocGen analyst Richard Nguyen wrote that the bank had raised the price target because it expected a moderate increase in earnings per share. He cited economic uncertainty, which dampened prospects for the final quarter, as the reason why the bank had kept its "hold" rating.
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Commerzbank Raises Target for SAP to €77 and Gives "Add" Rating
October 20, 2015 ─ After SAP's earnings announcement, Commerzbank raised its price target for SAP stock from €75 to €77 and kept its "add" rating. In his report, analyst Thomas Becker noted that the upper end of this year's target range was within reach. He slightly increased his estimate for operating profit.
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DZ Bank Leaves SAP on "Hold" and Sets Fair Price at €59
October 20, 2015 ─ Germany's DZ Bank has kept its rating for SAP at "hold" and set a fair price of €59 following SAP's third-quarter earnings release. In a recent report, analyst Harald Schnitzer wrote that SAP's final results for the third quarter had been good and in line with his estimate. As expected, the company had confirmed its full-year outlook and was gaining ground on its competitors.
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S&P Capital IQ Leaves SAP on "Buy" and Sets €76 Target
October 20, 2015 ─ Analyst firm S&P Capital IQ left SAP on "buy" with a price target of €76 following its earnings announcement. Analyst Ahmad Halim reported that SAP had presented strong third-quarter results. Though they had met his expectations on the whole, they did not change his opinion, he wrote.
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Independent Research Raises Target for SAP to €70 and Keeps "Hold" Rating
October 20, 2015 ─ German analyst firm Independent Research raised its price target for SAP from €68 to €70 and kept its "hold" rating after the company announced its final results for the third quarter. In a recent report, Markus Friebel, an analyst at Independent Research, wrote that he found the results rather good. He was not surprised SAP believed it might beat its 2015 targets.
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