JPMorgan downgraded SAP (SAP) to Neutral from Overweight with a price target of EUR 175, down from EUR 260. The firm believes the company’s current cloud backlog is likely to decelerate further as the migration base matures. In a market that requires growth acceleration to counter the bearish software arguments, SAP’s deceleration is unlikely to support near-term stock performance, the analyst tells investors in a research note. Meanwhile, JPMorgan says intensifying competition is driving a need to invest at SAP.
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