SAP’s price target has seen a minor downward adjustment, with the fair value decreasing slightly from €288.67 to €287.58 and the discount rate lowered from 6.36% to 6.32%. This subtle change reflects updates in analyst expectations, which have been shaped by evolving revenue forecasts and adjustments to underlying assumptions. Readers interested in how these shifting outlooks could impact SAP’s future performance should stay tuned for insights on tracking the ongoing narrative and its implications.
Analyst Price Targets don’t always capture the full story. Head over to our Company Report to find new ways to value SAP.
Analyst sentiment on SAP has been dynamic in recent months, reflecting both confidence in the company’s long-term potential and ongoing scrutiny of its near-term challenges. Below is a synthesis of the key takeaways from recent research notes.
🐂 Bullish Takeaways
JPMorgan’s Toby Ogg raised his price target to EUR 310 from EUR 290, reaffirming an Overweight rating and highlighting continued confidence in SAP’s growth outlook.
Barclays increased its price target to $348 from $322, maintaining an Overweight rating. While acknowledging some softness in cloud guidance and software declines, Barclays noted more positive sentiment around the macro environment and a robust Q4 pipeline. This suggests improving prospects for revenue acceleration next year.
Oddo BHF upgraded SAP to Outperform from Neutral and slightly bumped its price target to EUR 284. Oddo BHF described the recent share pullback as a buying opportunity and credited SAP’s earnings resilience even in a weaker macroeconomic backdrop.
Jefferies reiterated its Buy rating and a EUR 290 price target, highlighting SAP’s “multiple levers of growth and sensible strategic choices to sustain durable growth.” Jefferies expects the stock to rebound following recent weakness, pointing to management’s transparent approach and growth execution.
🐻 Bearish Takeaways
BMO Capital took a more cautious view, lowering its price target to $320 from $330 while keeping an Outperform rating. While recognizing solid Q3 results, BMO noted some disappointment around the Q4 guidance and flagged uncertainties about near-term growth momentum.
Some analysts expressed concerns around valuation, with suggestions that much of the upside may already be reflected in SAP’s current share price. Ongoing risks tied to macroeconomic conditions and the pace of cloud revenue conversion were also noted.
Together, these perspectives highlight that while many on Wall Street remain positively disposed towards SAP’s strategic direction and execution capabilities, certain reservations persist, particularly regarding near-term revenue dynamics and valuation levels. Investors should continue to monitor how well SAP balances its growth ambitions with transparency and cost discipline to deliver on the expectations set by recent analyst commentary.
Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there’s more to the story. Head to the Simply Wall St Community to discover more perspectives or begin writing your own Narrative!
XTRA:SAP Community Fair Values as at Nov 2025
SAP faces heightened merger and acquisition activity as multiple BlackLine shareholders call on their company to consider a sale, following SAP’s previously rebuffed takeover approach. This increases speculation about further dealmaking in the sector.
To settle an ongoing European Union antitrust probe and avoid a substantial fine, SAP is preparing to offer concessions. The European Commission has begun seeking market feedback on SAP’s proposed measures.
SAP has been named a leading customer in a planned EUR 1 billion German data center initiative led by Nvidia and Deutsche Telekom. The project aims to support Europe’s growing artificial intelligence infrastructure.
The U.S. Supreme Court has declined to review SAP’s appeal in an antitrust case filed by Teradata, meaning litigation against SAP will proceed in the lower courts.
Fair Value: Decreased marginally from €288.67 to €287.58, reflecting minor updates to underlying forecasts.
Discount Rate: Lowered slightly from 6.36% to 6.32%. This suggests a modest reduction in perceived risk.
Revenue Growth: Shown a negligible decline, with projected annual growth remaining at 12.68%.
Net Profit Margin: Edged down from 21.38% to 21.37% in the latest projections.
Future P/E: Declined modestly from 36.03x to 35.82x. This indicates slightly lower forward earnings expectations.
Narratives are a smarter way to invest. They bring a company’s story to life by linking numbers, forecasts, and fair value together. On Simply Wall St’s Community page, millions of investors use Narratives to share their perspectives on a company’s future, connecting facts and forecasts in a dynamic, easily accessible format. Narratives help you decide when to buy or sell by comparing fair value to the current price, and they automatically update whenever new information emerges.
Read the original SAP Narrative to keep your investment outlook sharp. Here are three reasons why you should stay tuned:
Track SAP’s aggressive shift to cloud and AI, which is driving higher recurring revenue and boosting profit margins.
Understand how strategic partnerships, digitalization, and productivity gains are fueling SAP’s long-term growth and market expansion.
Monitor potential risks, such as global regulatory pressures and increased competition, that could impact SAP’s future earnings and fair value.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include SAP.DE.
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