Barclays lowered the firm’s price target on SAP (SAP) to $256 from $283 and keeps an Overweight rating on the shares. The firm adjusted targets in the software group as part of a Q1 earnings preview. “We are not sure Q1 will turn the negative software sentiment around,” the analyst tells investors in a research note. Barclays says Q1 is the seasonally smallest quarter and that the macro backdrop “was not a tailwind.” Its main concern is that fundamental improvements for software will have to wait until the second half of 2026.
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