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SAP initiated with an Overweight at Wells Fargo

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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