JMP Securities raised the firm’s price target on SAP (SAP) to $300 from $245 and keeps an Outperform rating on the shares. SAP reported strong Q3 results and raised its outlook for 2024, the analyst tells investors in a research note. JMP continues to view SAP as an attractive opportunity for long-term capital appreciation, as SAP’s growth formula is working with RISE to help convert the EUR 11B support stream to the cloud at a 2x-3x multiple and GROW to address greenfield opportunities, and the company addresses a very large total addressable market expected to reach $670B in 2025.
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