Stifel has reaffirmed its 'buy' recommendation on SAP and raised its target price from 170 to 195 euros, expressing its enthusiasm for the German enterprise software company's vigorous publication for the final quarter of 2023.

The broker points to accelerating growth in the cloud at +25%, driven by S/4HANA and BTP, which together accounted for around 45% of SAP's cloud revenues, climbing by 46% and 61% respectively.

Elsewhere, growth in CCB and TCB accelerated to +27% and +39% respectively, reinforcing our confidence in the medium-term growth momentum of over 20% for SAP Cloud", continues Stifel.

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