UBS Trims Ambitions for SAP With 215 Euro Target, Days After JPMorgan's Doubled Bull Case
Published on 11/15/2026 at 07:51 | Editorial boerse-global.de
UBS lifted its price target on SAP from 210 to 215 euros on Friday while keeping its rating at "Neutral," a modest recalibration that lands just days after JPMorgan took a far more bullish stance on the German software maker. Shares of SAP added 0.8% on Friday, closing at 213.20 euros — leaving them trading almost exactly at UBS's freshly raised target.
The gap between the two houses is striking. JPMorgan upgraded SAP from "Neutral" to "Overweight" on Monday and nearly doubled its price target, moving from 175 to 275 euros. Analyst Toby Ogg pointed to enterprise AI shifting out of pilot projects and into production use, a transition he argued favors established systems that tie together business data, process context and control. The upgrade gave SAP shares a short-term lift.
AstraZeneca Hands SAP a Marquee Cloud Win
Concrete business news arrived on Tuesday, when SAP disclosed that AstraZeneca is migrating to SAP Cloud ERP Private under the RISE with SAP framework. The company-wide rollout will replace AstraZeneca's existing SAP ERP Central Component systems and, according to SAP, ranks among the largest SAP landscapes in the life sciences sector. The move also extends a partnership between the two companies that stretches back 20 years.
SAP used the same day to publish product-related emissions and energy data for customers of its cloud offerings. The figures, per the company, show the consumption of supported SAP cloud products based on the infrastructure each customer actually uses.
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Patch Day Brings 35 New Security Notes
Security disclosures rounded out Tuesday's announcements. For its November Patch Day, SAP issued 35 new security notes alongside four GitHub Security Advisories, and several of the flagged vulnerabilities were classified as critical.
On the capital returns front, SAP reported buying back roughly 465,000 of its own shares on Xetra during the repurchase week ending November 6. That brought the cumulative total under the program to about 9.6 million shares as of that date.
Asam to Face Investors Twice Before Year-End
CFO Dominik Asam is lined up for two investor appearances in the coming weeks. He is scheduled to speak at the Morgan Stanley TMT Conference in Barcelona on November 19, 2026, followed by the UBS Global Technology Conference in Scottsdale on December 1, 2026.
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Looking further out, SAP has penciled in January 28, 2027 for its next earnings release, when it will publish preliminary fourth-quarter and full-year 2026 results. The company said the announcement is expected around 6:00 a.m. CET.
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