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SAP upgraded to Buy from Hold at TD Cowen

SAP upgraded to Buy from Hold at TD Cowen

TD Cowen analyst Derrick Wood upgraded SAP (SAP) to Buy from Hold with a price target of $305, up from $240. The company’s stock appreciation and growth execution “was resilient” in 2024, and TD sees “more of the same ahead,” the analyst tells investors in a research note. The firm says its survey data was bullish for SAP, including a “sharp rise” in priority for cloud enterprise resource planning, suggesting artificial intelligence is a new catalyst for migrations. SAP’s growth acceleration and margin expansion “combo is poised to persist through ” 2027 and put further upward pressure on valuation, contends TD.

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