SAP price target raised to EUR 280 from EUR 255 at Jefferies

Jefferies raised the firm’s price target on SAP (SAP) to EUR 280 from EUR 255 and keeps a Buy rating on the shares. The firm says SAP “continues to stand clear” in the European sector for having a product cycle that is able to overcompensate a challenging macro backdrop and support accelerating growth. The company’s “strong organic story” is now aided by favorable currency tailwinds, the analyst tells investors in a research note. Jefferies thinks SAP continues to benefit from a cloud migration as customers transition from traditional on-premise solutions toward the cloud.