SAP Gets Price Target Hikes By Analysts Following Q1 Results

SAP SE SAP reported results for its first quarter on Friday.

SAP reported first-quarter FY23 revenue growth of 10% year-on-year to €7.44 billion. Non-IFRS EPS (basic) from continuing operations was €1.08.

SAP reduced 2023 cloud revenue at CC from €15.3 billion – €15.7 billion to €14.0 – €14.4 billion to reflect the anticipated divestiture of Qualtrics..

SAP shares gained 5.6% to close at $133.95 on Friday, and lost 0.8% in today’s pre-market trading session.

These analysts made changes to their price targets on SAP following earnings announcement.

• Barclays raised the price target on SAP from $134 to $136. Barclays analyst Raimo Lenschow maintained an Overweight rating.
• BMO Capital increased the price target on SAP from $125 to $140. BMO Capital analyst Keith Bachman maintained a Market Perform rating
• JMP Securities analyst Patrick Walravens, meanwhile, reiterated SAP with a Market Outperform and maintained $170 price target.

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