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14 Apr 2021
SAP: Off to a good start in 2021 | BUY | EUR133(+19%)
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SAP: Off to a good start in 2021 | BUY | EUR133(+19%)
SAP - BUY | EUR133(+19%)
Off to a good start in 2021
We reiterate our Buy rating with a target price of EUR133
Outperformance in Q1 stemmed from licence sales and operating costs
FY21 revenue guidance is slightly raised, but not operating profit
Core business refocus is confirmed with a JV on Financial Services