SAP stock falls 1.02 percent as Jefferies lifts target

Published on 09/29/2026 at 08:34 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

SAP stock drew a EUR 220.00 Jefferies target after a EUR 210.00 prior call on September 26, 2026. Q2 cloud revenue rose 24 percent to EUR 6.3 billion.

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SAP stock (ISIN DE0007164600) finished at EUR 184.02 on Xetra on September 28, 2026, down 1.02 percent from the prior session. The latest analyst signal came from Börse Express on September 26, 2026, which reported that Jefferies raised its target from EUR 210.00 to EUR 220.00 and kept its Buy rating.

Jefferies raises its target

The target increase puts the new Jefferies valuation EUR 35.98 above SAP's September 28 Xetra price. JPMorgan took the opposite stance in the same report, retaining a Neutral rating and a EUR 175.00 target, creating a clear split before SAP's next quarterly update.

The price also stood EUR 60.28 below the 52-week high of EUR 244.30 and EUR 56.52 above the 52-week low of EUR 127.50 on September 28, 2026. That positioning leaves the stock well above its yearly low while keeping the recent analyst debate tied to execution rather than a record valuation.

Cloud growth carries Q2

According to SAP in its July 23, 2026 investor-relations update, current cloud backlog reached EUR 22.9 billion in the second quarter of 2026, up 27 percent, while total revenue increased 11 percent to EUR 9.9 billion. Cloud revenue rose 24 percent at constant currencies to EUR 6.3 billion.

The Q2 earnings-call transcript published by Eulerpool records non-IFRS operating profit of EUR 2.7 billion, up 9 percent, and IFRS earnings per share of EUR 1.89, up 30 percent, for Q2 2026. The same transcript says cloud ERP suite revenue increased 27 percent and represented 88 percent of total cloud revenue.

Next results set the test

Investing.com lists October 21, 2026 as SAP's next earnings date. For investors, the central comparison is now visible: Jefferies expects EUR 220.00, while the company must convert 24 percent cloud growth and a 27 percent cloud ERP increase into sustained operating leverage.

SAP stock stays below its yearly high

SAP stock had a market capitalization of EUR 212.4 billion and trading volume of 1,971,108 shares on September 28, 2026. The Xetra reference price was EUR 184.02 at the official close, with a session range of EUR 178.90 to EUR 186.76.