SAP二季度云业务增长推动股价上涨，但全年指引仍依赖中东局势缓和

SAP (SAP) shares climbed 7% during early market action on Friday following the German-based enterprise software firm's second quarter results, which featured significant cloud growth.
However, analysts warn SAP's guidance hinges on a de-escalation in conflict in the Middle East, where the company works with large oil and gas producers such as Saudi Aramco (ARMCO) and has substantial cloud infrastructure investments.
"2Q results were better than feared, showing solid results on the CCB line," said Piper Sandler analyst Billy Fitzsimmons in an investor note. "However, geopolitical events outside of SAP's control that remain fluid continue to widen the range of outcomes, particularly on the CCB exit rate, keeping us on the sidelines."
Piper Sandler maintained its Neutral rating and $193 price target.
Meanwhile, KeyBanc retained its Overweight rating but reduced its price target to $227 from $267.
"FY26 cloud revenue guidance was reiterated at €25.8B-€26.2B in constant currencies despite cloud revenue coming in above expectations. SAP continues to factor in a near-term de-escalation of the Middle East conflict on full-year guidance," said KeyBanc analyst Jackson Ader in a note. "On the operating line, full-year non-IFRS EBIT was brought down from €12.1B-€12.0B at the midpoint as a result of the dilutive impact of recently closed acquisitions Dremio and Prior Labs."
Evercore reduced its price target to $181 from $198.
"Management noted that the underlying demand environment remains resilient despite ongoing macro volatility, with no broad-based deterioration in sales cycles or pipeline conversion and post-Sapphire pipeline coverage for 2H running ahead of internal expectations and above this time last year," said Evercore ISI analyst Kirk Materne in a Friday investor note. "Management indicated that the assumed geopolitical de-escalation is more relevant to CCB growth exiting the year than FY26 cloud revenue, given the 'lion's share' of revenue-producing bookings is already in place."
Citi retained its Buy rating and $233 price target.
"AI stays a dominant topic, and SAP reiterated still being a partner of choice for customers for whom assurance, governance and pricing visibility are key considerations," said Citi analyst Balajee Tirupati. "The group's announced launches are becoming available through Q3-Q4, and signs of monetization will be watched out for."
Finally, T.D. Cowen also maintained its Buy rating but lowered its target price to $205 from $210.
"SAP is seeing strong productivity improvements off AI integrations into its workforce (~30% dev productivity gains), enabling them to freeze hiring for non-AI-related roles off the efficiencies," said T.D. Cowen analyst Derrick Wood. "The new Prior Labs team is set to begin pre-training a model to better leverage its mission-critical tabular data."
SAP competitor Salesforce (CRM) was up 2.8% while Oracle (ORCL) was down 2.8%.