RBC Capital analyst Ross MacMillan lowered his price target on SAP to $115 ahead of the company's Capital Markets Day to reflect the underperformance in the stock price. The analyst says he will look for signals around accelerating adoption in S/4H platforms, sustainable organic cloud growth, and a path toward the management's margin goals. MacMillan keeps his Sector Perform rating on SAP, stating while the current share price reflects a balance in risk-reward, he views the company's fundamentals around the S/4 product cycle and LoB cloud apps positively.

Berenberg raised the firm's price target on SAP to EUR 195 from EUR 190 and keeps a Buy rating on the shares.

HSBC raised the firm's price target on SAP to EUR 200 from EUR 180 and keeps a Buy rating on the shares. The company's Q1 report was "solid even if not spectacular" as it sees continued strong momentum, the analyst tells investors in a research note. The firm says SAP's long-term revenue growth prospects are supported by a shift to cloud combined with monetization of its artificial intelligence opportunity.

Barclays lowered the firm's price target on SAP to $210 from $212 and keeps an Overweight rating on the shares post the Q1 report. SAP is well positioned for artificial intelligence, but the near-term financial impact is likely to be limited, while any restructuring creep should drive further EBIT upside, files to sell common stock, no amount given