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SAP 2014, 2015 Forecast May Miss Consensus, Deutsche Bank Says 2013-11-29 07:55:13.616 GMT
By Claudia Rach Nov. 29 (Bloomberg) -- SAP’s 2014, 2015 sales, margin outlook have potential to undershoot consensus, Deutsche Bank says in note. * Investor feedback suggests some skepticism on co.’s current 2015 forecast of >EU20b rev., 35% margins * Says new guidance could imply rev. EU18b-EU19b; ~34% adj. margins, implying up to 8% downside risk to 2015 consensus EPS * Says accelerating cloud adoption impacts license growth * Rates stock hold; PT EU55 * NOTE: SAP debates whether to accelerate shift to cloud, co- CEO Snabe said Nov. 22 * NOTE: Stock down 1.5% YTD vs DAX up 23% vs SX8P up 26% * NOTE: 45 analyst ratings 71% buy, 22% hold, 7% sell; avg PT EU66: Bloomberg data
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--Editor: Jurjen van de Pol
To contact the reporter on this story: Claudia Rach in Berlin at +49-30-70010-6219 or crach1@bloomberg.net
To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net