SAP "sell," target price reduced

14.07.06 - Jyske Bank

LONDON, July 14 (newratings.com) - Analyst Robert Jakobsen of Jyske Bank reiterates his "sell" rating on SAP AG (SAP-EUR). The target price has been reduced from ?153 to ?144.

In a research note dated July 13 and published this morning, the analyst mentions that the company has reported its 2Q sales short of expectations. SAP's new software licence sales during the quarter were significantly short of the consensus, the analyst says. The company's disappointing sales indicate rising competition from Oracle, Jyske Bank adds.