SAP price target raised to $204 from $179 at JMP Securities

JMP Securities raised the firm’s price target on SAP to $204 from $179 and keeps an Outperform rating on the shares. SAP reported mixed Q4 results, though on a constant currency basis, the underlying momentum of the business becomes more clear as Q4 cloud revenue accelerated to 25% year over year growth, up from 23% last quarter and 22% in Q2, the analyst tells investors in a research note. SAP is executing well on its plan to migrate existing customers to cloud offerings for its core ERP offerings, the firm argues.