SAP business on ‘good uptrend’ after solid Q4, says Oppenheimer

Oppenheimer says SAP (SAP) reported above-consensus Q4 results and updates to 2025 guidance that mostly met investor expectations. The firm views the report as solid, saying the business had a good quarter with broad-based strength, anchored by 30%-plus growth across the current cloud backlog. The firm keeps a Perform rating on the shares due to valuation, but also views the business as on a “good uptrend.”