Barclays lowered the firm’s price target on SAP to $145 from $146 and keeps an Overweight rating on the shares post the Q2 results. With the shares trading down following earnings, it was clear that the softening in cloud revenue more than offset the profit upside, the analyst tells investors in a research note. The earnings call, did not fully clarify why the cloud growth continues to lag the backlog and why there should not be more upside to EBIT, says the firm.
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