UBS Sees Cloud Growth Reacceleration to Lead to SAP’s Re-rating

The logo of German software group SAP is pictured at its headquarters in Walldorf, Germany, on May 12, 2016. Ralph Orlowski/Reuters

UBS analyst Michael Briest upgraded SAP SE to Buy from Neutral with a price target of EUR 147, up from EUR 130, implying an 8.6 percent upside.

The analyst believes a reacceleration of cloud growth will drive a re-rating of the shares in 2022.