(CercleFinance.com) – Jefferies maintains its “buy” rating on SAP shares, with a price target lowered to 110 euros, against 120 euros previously.
Although the forecasts for the 22/23 financial year remain unchanged, the analysis office lowers its forecasts for the 2nd quarter of 2022 by 8%, or 3% below the consensus.
Jefferies indicates that the slowdown in the 2nd quarter had nevertheless been signaled by management and well anticipated by buyers. ‘We thus see the uncertainty around the 2nd quarter as a buying opportunity’, analyzes the broker.
Finally, Jefferies notes that with cloud revenue accelerating, the proportion of licenses in total revenue fell from 22% in fiscal year 2016 to just 8% in fiscal year 2022. a trend that therefore makes SAP less cyclical than in the past.
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