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28 Jan 2022
SAP - BUY Top Picks | EUR151 VS. EUR145 (+36%) Towards to the inflexion point

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SAP - BUY Top Picks | EUR151 VS. EUR145 (+36%) Towards to the inflexion point
SAP - BUY Top Picks | EUR151 VS. EUR145 (+36%)
Towards to the inflexion point
We reiterate our Buy rating and raise our target price to EUR151
SAP is off to double-digit operating profit growth from 2023 onwards
We are not concerned by free cash flow guidance for 2022
The purchase of Taulia strengthens SAP in working capital management