SAP price target raised to $140 from $125 at BMO Capital

BMO Capital analyst Keith Bachman raised the firm’s price target on SAP to $140 from $125 and keeps a Market Perform rating on the shares. The company’s Q1 results were better than feared with revenue and operating results above consensus expectations, the analyst tells investors in a research note. SAP’s free cash flow guidance was modestly lowered, but investor expectations were already a bit more conservative, the firm added. The company is making progress on many fronts, though the stock’s valuation is not compelling, BMO noted.