SAP price target raised to $189 from $156 at Barclays

Barclays raised the firm’s price target on SAP to $189 from $156 and keeps an Overweight rating on the shares. SAP had arguably already demonstrated that cloud would drive a multiyear migration story and this week’s results “showed that it could marry this to a renewed financial discipline,” the analyst tells investors in a research note. Many have long argued that SAP could better control costs and the 30% EBIT growth “suggests SAP now agrees,” says the firm.