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SAP Solid Investment in 2014, Better in 2017: Kepler Cheuvreux 2014-01-06 07:57:41.968 GMT
By Claudia Rach Jan. 6 (Bloomberg) -- SAP profile more attractive to shareholders by 2016-2017 as co. accelerates transition to cloud, which is likely to reduce S/T growth rate, Kepler Cheuvreux says in note. * SAP could miss 2015 target * Revision of 2015 target is already priced in * Sees software rev. declining modestly in 2014-2015 * Says shr sentiment to progressively change during 2014, co. got capacity to further consolidate cloud market in coming yrs * Rates stock buy; PT raised 10% to EU68 * Next catalyst: SAP scheduled to report 2013 earnings on Jan. 21 * NOTE: SAP up 2.7% in 2013 vs DAX up 25% vs SX8P up 27% * NOTE: 45 analyst ratings 71% buy, 24% hold, 4% sell; avg PT EU65: Bloomberg data
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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