BMO Capital raised the firm’s price target on SAP (SAP) to $265 from $248 and keeps an Outperform rating on the shares. The company reported steady current cloud backlog excluding WalkMe, whiles its free cash flow was far above consensus expectations, the analyst tells investors in a research note. SAP’s implied Q4 free cash flow guidance also looks extremely conservative, and BMO remains positive on its longer-term cloud conversion story, the firm added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SAP:
- SAP price target raised to $300 from $245 at JMP Securities
- Closing Bell Movers: Medpace down 11% after cutting FY24 revenue guide
- SAP (NYSE:SAP) Stock Rises on Earnings Beat
- SAP reports current cloud backlog of EUR 15.4B, up 25% and up 29% at CC
- SAP reports Q3 cont ops EPS EUR 1.23 vs. EUR 1.16 last year