SAP Q3财报获分析师正面点评：AI未造成颠覆、云业务强劲，Jefferies维持买入、美银上调目标价至274美元

SAP's ( SAP ) third-quarter earnings prompted positive feedback from analysts as the results indicated no disruption from AI, but quite the opposite. Shares inched up about 1.5% during pre-market trading on Thursday. "With the conf call calling out AI as a driver of strong momentum, disruption narratives are starting to get knocked down," said Jefferies analyst Charles Brennan in a Thursday investor note. "The shares have been strong into the print, but we see no reason for the trend to reverse." "Current cloud backlog reached € 24.1B, up 26%," said SAP CEO Christian Klein during Wednesday's earnings call . "Cloud revenue was € 6.7B, up 25% in constant currencies. The strong growth in cloud revenue was significantly driven by our Business AI data and platform business, continuing the trend from recent quarters, 9 out of 10 of our 50 largest deals included AI and Business Data Cloud." Jefferies maintained its Buy rating and $246 price target on the stock. "The one number that will cause some debate is cloud gross margin, with 3Q26 numbers falling 70bps YoY and 30bps sequentially versus 2Q26," Brennan noted. "However, in the context of the overall print, we do not expect investors to fixate on this issue." Meanwhile, Bank of America Securities reiterated its Buy rating, increased its price target to $274 from $264, and included the stock among its "top ideas" in Europe. "SAP is our top large-cap Software pick for 2026, one of our 25 stocks for 2026 , and on our Europe 1 list of top ideas," said BofA analyst Frederic Boulan in a Thursday note. "CCB came in ahead of expectations at +26% CC, stable vs. Q2 and vs. consensus at 24.6%. SAP beat on revenue, non-IFRS EBIT, adjusted EPS, and FCF by 1.5%, 2.4%, 7%, and 4%, respectively. 2026 guidance was lifted, with cloud revenue now expected towards the upper end of the €25.8–26.2bn range and cloud and software revenue towards the upper end of €36.3–36.8bn. EBIT guidance of €11.8–12.2bn and c. €10bn FCF are maintained. CCB growth is still expected to moderate slightly from 25% in 2025." SAP competitors were making marginal gains during Thursday morning trading. Salesforce ( CRM ) inched up 0.7% and Workday ( WDAY ) was relatively static. However, Oracle ( ORCL ) was down 2.6%.