BMO Capital analyst Keith Bachman upgraded SAP to Outperform from Market Perform with a price target of $237, up from $218. The analyst believe the company has a high degree of visibility into bookings and revenues over the next few years, largely driven by conversion of its “large and sticky” installed base to cloud offerings. Catalysts for the shares include steady pace of current cloud backlog and cloud enterprise resource planning, growth, while achieving milestones to the path to $8B in fiscal 2025 cash flow, the analyst tells investors in a research note.
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