SAP downgraded to Underperform from Neutral at Oddo BHF

Oddo BHF analyst Nicolas David downgraded SAP to Underperform from Neutral with a price target of EUR 94, up from EUR 89. The analyst sees downside risk on the shares following the recent rally. SAP’s cloud business is likely not immune to an economic slowdown, creating doubt over its 2023 operating profit growth target, David tells investors in a research note.