SAP price target raised to $215 from $195 at BMO Capital

BMO Capital raised the firm’s price target on SAP to $215 from $195 and keeps a Market Perform rating on the shares after meeting with some of its leaders. The company has a significant opportunity to convert the existing installed base to cloud architectures, the analyst tells investors in a research note. BMO adds that it is not changing its estimates, though its increased confidence in realizing existing guidance, particularly for 2024, supports a price target increase.