SAP "buy"

13.04.06 - Dresdner Kleinwort Wasser.

LONDON, April 13 (newratings.com) - Analysts at Dresdner Kleinwort Wasserstein maintain their "buy" rating on SAP AG (SAP-EUR). The target price is set to ?210.

In a research note published this morning, the analysts mention that the company is expected to post 18% y/y license sales growth in Q1. SAP's underlying margins are expected to increase by 60bps in the quarter, the analysts say. According to Dresdner Kleinwort Wasserstein, the company's sales continue to be primarily driven by application consolidation.