Jefferies raises target for SAP stock from EUR 210 to EUR 220

Published on 10/02/2026 at 15:18 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

SAP cloud revenue rose 22 percent in the second quarter of 2026. SAP stock costs EUR 187.00 on October 2 after EUR 187.40, minus 0.21 percent.

Kubische Glasarchitektur des Software-Campus mit klaren Linien und Reflexionen — SAP SE (DE0007164600) kubische Glasarchitektur des Software-Campus mit klaren Linien und reflektierenden Flächen, Illustration mit AI erstellt.

SAP SE (ISIN DE0007164600) was trading at EUR 187.00 at Lang & Schwarz on October 2, 2026 at 3:08 p.m. CEST, down 0.21 percent versus the EUR 187.40 prior close on October 1. On September 22, 2026, Jefferies raised its SAP target from EUR 210.00 to EUR 220.00 and kept its Buy rating, as finanzen.net reported.

Jefferies sets a higher valuation bar

The new EUR 220.00 target lies 17.65 percent above the Lang & Schwarz price of EUR 187.00. Jefferies analyst Charles Brennan cited expectations for robust third-quarter order intake, while the research note described SAP's 2026 news flow as more uneven than desired.

The target change matters because it raises the comparison point ahead of SAP's next scheduled report. The company must now show that cloud expansion and customer demand can support the valuation implied by the higher target.

Cloud backlog reaches EUR 22.9 billion

In its second-quarter and half-year 2026 results published on July 23, 2026, SAP reported cloud backlog of EUR 22.9 billion, up 27 percent year over year. Cloud revenue increased 22 percent, Cloud ERP Suite revenue rose 25 percent and total revenue grew 9 percent during the second quarter of 2026.

The operating picture also showed expansion beyond the backlog figure. SAP reported IFRS operating profit growth of 8 percent and non-IFRS operating profit growth of 7 percent for the second quarter of 2026, although its 2026 non-IFRS operating profit outlook was updated for the dilutive effect of the Dremio and Prior Labs acquisitions.

Third-quarter results arrive October 21

SAP has scheduled disclosure of its third-quarter 2026 financial results for October 21, 2026. That report will provide the next quantified test of the 22 percent cloud revenue growth rate and the 27 percent backlog increase reported for the second quarter.

For investors, the key tension is visible in the numbers: the business is expanding at double-digit rates, while the stock remains EUR 54.35 below the EUR 241.35 52-week high, a 22.52 percent gap based on the October 2, 2026 range. The EUR 220.00 Jefferies target therefore sits below the yearly high but above the current Lang & Schwarz quote.

SAP stock trades below its yearly high

The Lang & Schwarz quote stood at EUR 187.00 on October 2, 2026 at 3:08 p.m. CEST, down 0.21 percent versus the EUR 187.40 prior close on October 1. The further course of trading is shown by the continuously updated real-time quote of SAP stock.