SAP price target raised to EUR 105 from EUR 100 at Jefferies

Jefferies analyst Charles Brennan raised the firm’s price target on SAP to EUR 105 from EUR 100 and keeps an Underperform rating on the shares. The firm notes shares responded positively to CEO comments on the call that SAP will deliver double-digit growth from 2024 onwards. While positive if delivered, this doesn’t look especially conservative, Jefferies says. Meanwhile, commentary from the CFO suggests a welcome clean-up is on the cards for free cash flow and share-based compensation. Post SBC the firm continues to view the shares as expensive.