Stifel maintains its Buy rating on SAP shares, with a price target raised from €150 to €170.

The analyst believes that 2024 will be a crucial year for SAP, with the ramp-up of RISE with SAP, and S/4HANA and BTP.

We expect S/4HANA + BTP to contribute more than 50% of SAP's cloud revenues in 2024E (42% in 2023E) and to grow by 50% by 2025", says Stifel.

The broker expects SAP to benefit from cloud harmonization efforts and reap the accelerated investments of recent years, resulting in sustained double-digit operating profit growth.


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