Barclays reiterates its 'overweight' recommendation on SAP, with an adjusted price target of 212 to 210 euros, following the release of the German enterprise software company's quarterly results on Monday evening.

At the heart of its still positive recommendation, the broker highlights the improved clarity on financial transition, noting that the first quarter provided the cloud trajectory (+28%) and that commentary supports its recent work.

SAP is well positioned for artificial intelligence, but the short-term financial impact should be limited, while any restructuring should lead to a further increase in EBIT', says Barclays in the summary of its note.

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