SAP "reduce"

30.05.06 - Jyske Bank

LONDON, May 30 (newratings.com) - Analyst Robert Jakobsen of Jyske Bank reiterates his "reduce" rating on SAP (SAP-EUR). The target price is set to ?153.

In a research note dated April 25 and published yesterday, the analyst mentions that the company has reported its 1Q total sales ahead of the estimates. SAP's operating costs were high during the quarter due to the company's continued investment in future growth, the analyst says. Jyske Bank considers SAP's guidance for 2006 aggressive but achievable.