Jefferies analyst Charles Brennan lowered the firm’s price target on SAP (SAP) to EUR 290 from EUR 300 and keeps a Buy rating on the shares. The “mild profit taking we expected on the FCF message at Sapphire has now taken place, even if the share price move was more to do with index positioning,” says the analyst, who argues that SAP remains “the best durable growth story in the sector.” The firm thinks the buy-side consensus has already reset and that actual results will “clear the decks,” the analyst added.
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