Jefferies lowered the firm’s price target on SAP (SAP) to EUR 280 from EUR 295 and keeps a Buy rating on the shares. The firm believes SAP has a “low hurdle to sustain momentum” in Q1. The company’s Q1 results should be supported by order wins and the restructuring in fiscal 2024, the analyst tells investors in a research note. Jefferies says that while it “would be naive to think SAP can remain immune in a sustained downturn,” the company offers a “relative safe haven” as it relates to the Q1 reporting season.
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