HSBC raised SAP SE rating to “buy” from “hold” and cut target price to €182, citing valuation reset.
Shares closed at €151.16 on April 21, implying ~20.4% upside to the new target and trading at 59% of €267 NPV.
HSBC trimmed 2026‑31 non‑GAAP EPS forecasts by ~1% and sees Q1‑2026 revenue €9.30 bn, operating profit €2.62 bn, EPS €1.56, all below consensus.
HSBC dismisses AI as a threat to ERP, noting scaling limits of AI coding tools and complexity of ERP replacement.