SAP price target raised to $265 from $240 at Argus

Argus raised the firm’s price target on SAP (SAP) to $265 from $240 and keeps a Buy rating on the shares. The company reported a 27% increase in pro forma operating income on 9% revenue growth in Q3, the analyst tells investors in a research note. The firm says SAP has “turned a corner” with its cloud business transformation revenue and expanding margins overcoming cannibalization of its on-premises software license business.