TD Cowen analyst Derrick Wood upgraded SAP (SAP) to Buy from Hold with a price target of $305, up from $240. The company’s stock appreciation and growth execution “was resilient” in 2024, and TD sees “more of the same ahead,” the analyst tells investors in a research note. The firm says its survey data was bullish for SAP, including a “sharp rise” in priority for cloud enterprise resource planning, suggesting artificial intelligence is a new catalyst for migrations. SAP’s growth acceleration and margin expansion “combo is poised to persist through ” 2027 and put further upward pressure on valuation, contends TD.
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