BMO Capital analyst Keith Bachman raised the firm’s price target on SAP to $248 from $237 and keeps an Outperform rating on the shares. The company’s steady Q2 results stand out positively in a period of “mostly disappointment” within the software sector, the analyst tells investors in a research note. SAP’s current Cloud Backlog remained steady with last quarter at 28% constant-currency y/y growth, while its Cloud ERP Suite revenue growth improved from 32% in the March quarter to 33% growth in the June quarter, the firm added.
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