(CercleFinance.com) – Berenberg reaffirms its ‘buy’ recommendation on SAP with a target price of 110 euros, after the announcement of the arrival, in March 2023, of Dominik Asam as Chief Financial Officer (CFO) of the publisher German business software.
‘Feedback from our investor base suggests that the lack of a CFO succession plan has weighed on SAP stock; this announcement should therefore be welcomed positively,” the broker believes, judging that it gives management long-term stability.
“It also increases the likelihood of a revision to medium-term targets,” adds Berenberg, who sees this as another catalyst for the stock, as well as a continuation of the strong cloud performance in the third quarter (results expected on October 25 ).
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