SAP price target raised to $195 from $147 at BMO Capital

BMO Capital analyst Keith Bachman raised the firm’s price target on SAP to $195 from $147 and keeps a Market Perform rating on the shares. The company reported “solid” Q4 cloud backlog growth and strong transition to ERP Suite, the analyst tells investors in a research note. While SAP’s Cloud revenue was a touch disappointing, its license revenue was ahead of its estimates, BMO stated, adding that the management’s guidance on FY24 and FY25 free cash flow and operating profits was encouraging.