SAP ‘clearly on an uptrend,’ says Oppenheimer

Oppenheimer says SAP (SAP) reported "better than feared" Q1 results, including above-consensus results for revenue and operating profit. While management ticked down its 2023 guidance for the Qualtrics (XM) sale, it also "importantly" ticked up its operating and free cash flow margins, the analyst tells investors. While the firm keeps a Perform rating on SAP, citing "an apparently fair valuation" and what it perceives as a lack of catalysts, the "company is clearly on an uptrend after bottoming last fiscal year," the analyst stated.