BMO Capital lowered the firm’s price target on SAP (SAP) to $210 from $245 but keeps an Outperform rating on the shares ahead of its Q1 results. The firm is envisioning some upside to its free cash flow estimates, though limited upside for organic Current Cloud Backlog estimates, and in the current tech tape, companies need to deliver upside, even with depressed valuations, the analyst tells investors in a research note.
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