Jefferies reaffirms its 'buy' recommendation on SAP and raises its target price from €205 to €210, judging that 'in a sector with mixed business messages, SAP stands out for its product cycle, which is undoubtedly more important than the macro'.

With management having recently emphasized the improvement in sales pipelines, we believe that second-quarter results will reassure on the migration to the cloud and overall growth prospects', the broker affirms.

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