Wells Fargo analyst Michael Turrin initiated coverage of SAP (SAP) with an Overweight rating and EUR 345 price target The firm says SAP “stands out as a defensive horizontal story.” Cloud migration momentum should drive continued growth reacceleration and close the company’s margin gap relative to its mature peers, the analyst tells investors in a research note. Wells believes that amid heightened uncertainty and concerns around catalysts in the software sector, SAP holds a favorable profile.
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