Bank of America Securities analyst Frederic Boulan has reiterated their bullish stance on 0NW4 stock, giving a Buy rating on December 4.
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Frederic Boulan has given his Buy rating due to a combination of factors that highlight SAP SE’s strong growth potential. The company is positioned as a top large-cap software pick for 2026, with a price objective of €302, indicating a 42% upside from the current price. SAP’s focus on cloud, data, and AI is expected to drive significant growth, with cloud revenue projected to grow by 24% in 2026, supporting an overall revenue growth acceleration.
Additionally, SAP’s operational efficiency is anticipated to improve, with operating leverage and AI efficiencies contributing to a margin expansion from 27.9% in 2025 to 30.1% in 2027. This improvement is expected to result in a 17% compound annual growth rate in EBIT. Furthermore, SAP’s strategic partnerships and its Business Data Cloud offering are expected to enhance its data analytics capabilities, solidifying its market leadership and increasing its relevance. The valuation is seen as reasonable, with the company’s earnings growth and stable multiples expected to drive share price appreciation.
In another report released on December 4, J.P. Morgan also maintained a Buy rating on the stock with a €290.00 price target.