SAP price target raised to EUR 205 from EUR 200 at Jefferies

Jefferies raised the firm’s price target on SAP to EUR 205 from EUR 200 and keeps a Buy rating on the shares. Disclosures on the current cloud backlog in the annual report suggest current cloud backlog, or CCB, growth should remain broadly constant at 27%, the firm says. Lower down the P&L, changing profit definitions open the door to some variability. However, given the changes, Jefferies expects investors to be sympathetic and for the investment case to remain focused on the CCB.