SAP price target lowered to $134 from $137 at Barclays

Barclays analyst Raimo Lenschow lowered the firm’s price target on SAP to $134 from $137 and keeps an Overweight rating on the shares. ahead of the Q1 results. Q1 is the smallest quarter of the year in software and most companies have just guided for the new fiscal year, which means Q1 "should not see too much material action to estimates and share prices," the analyst tells investors in a research note. However, the firm sees early signs of spending stabilization and "ongoing hope" for "better times" in the second half of 2023, which it says "will be key to continue to fuel the current excitement."