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22 Oct 2021
SAP: More growth and investment…and more profit from 2023 as planned | BUY | EUR145 VS. EUR139 (+17%)
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SAP: More growth and investment…and more profit from 2023 as planned | BUY | EUR145 VS. EUR139 (+17%)
SAP - BUY | EUR145 VS. EUR139 (+17%)
More growth and investment…and more profit from 2023 as planned
We reiterate our Buy rating and raise our TP to EUR145 from 139
Cloud revenue growth acceleration is confirmed quarter after quarter
We are confident in Cloud & Software sales slightly exceeding guidance
Despite investments, we consider 2025 profit goals will be exceeded