Goldman raises target for SAP stock from EUR 230 to EUR 258

Published on 10/26/2026 at 10:33 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Q3 cloud backlog reached EUR 24.14 billion, up 26 percent. SAP stock costs EUR 214.95 on October 26, 2026, 0.26 percent above Xetra close.

Cloud execution and analyst view

Goldman Sachs raised its SAP target to EUR 258 on October 23, 2026.
Third-quarter cloud revenue reached EUR 6.67 billion, up 26 percent.
SAP stock trades at EUR 214.95 at 10:31 a.m. CEST at Lang & Schwarz on October 26, 2026, 0.26 percent above the Xetra close of October 23, 2026.
SAP's next earnings release is scheduled for January 28, 2027.

SAP, DE0007164600, Illustration mit AI erstellt.

SAP (ISIN DE0007164600) was trading at EUR 214.95 at Lang & Schwarz on October 26, 2026 at 10:31 a.m. CEST, up 0.26 percent versus the Xetra close of October 23, 2026 at EUR 214.40. The latest analyst move came from Goldman Sachs, which raised its SAP target from EUR 230 to EUR 258 on October 23, 2026, according to MarketScreener.

Cloud growth sets the tone

SAP's third-quarter results supplied the fundamental backdrop for the target changes. On October 21, 2026, current cloud backlog reached EUR 24.14 billion, up 26 percent at constant currencies, while cloud revenue rose 26 percent to EUR 6.67 billion, Reuters reported. Non-IFRS operating profit increased 18 percent to EUR 3.03 billion in the third quarter.

SAP News said total quarterly revenue crossed EUR 10 billion for the first time. The company moved its 2026 subscription revenue outlook toward the top of its EUR 25.8 billion to EUR 26.2 billion range, while keeping its non-IFRS operating profit outlook at EUR 11.8 billion to EUR 12.2 billion.

Three recent milestones

On October 21, 2026, SAP reported current cloud backlog of EUR 24.14 billion. On October 22, 2026, Deutsche Bank Research raised its target from EUR 200 to EUR 235, according to MarketScreener. On October 23, 2026, Goldman Sachs raised its target from EUR 230 to EUR 258.

What does EUR 258 mean?

Goldman's EUR 258 target stands 20.03 percent above the Lang & Schwarz price of EUR 214.95, a calculation that highlights the gap between the analyst view and the current German-market quotation. The counter-factor is timing: Reuters noted that SAP's full-year operating profit outlook stayed at EUR 11.8 billion to EUR 12.2 billion, leaving execution in the final quarter central to the valuation.

Next reporting date

SAP's next earnings release is scheduled for January 28, 2027, according to the financial calendar shown by MarketScreener.

Stock holds above Xetra close

SAP stock was trading at EUR 214.95 at Lang & Schwarz on October 26, 2026 at 10:31 a.m. CEST, 0.26 percent above the Xetra close of October 23, 2026 at EUR 214.40. The quotation remains below the 52-week high of EUR 235.80, while the third-quarter cloud figures and higher analyst targets provide the main valuation context. The further course of trading is shown by the continuously updated real-time quote of SAP stock.