SAP "buy"

05.09.06 - Dresdner Kleinwort Wasser.

LONDON, September 5 (newratings.com) - Analysts at Dresdner Kleinwort maintain their "buy" rating on SAP (SAP-EUR). The target price is set to ?210.

In a research note published this morning, the analysts mention that the company appears on track to generating accelerated growth in 2H06 and concerns over a decline in demand are overdone. Channel checks indicate that spending on SAP's solutions is robust and macroeconomic concerns are not weighing on IT investment decisions, the analysts say. Although SAP has experienced certain short-term execution issues, these are unlikely to significantly impact the company?s overall 2H performance, Dresdner Kleinwort adds.