SAP "buy"

27.06.07 - Dresdner Kleinwort Wasser.

LONDON, June 27 (newratings.com) - Analysts at Dresdner Kleinwort reiterate their "buy" rating on SAP AG (SAP). The target price is set to ?43.

In a research note published this morning, the analysts mention that Oracle?s 4Q07 results suggest several positives for SAP. Oracle?s database licence sales grew by 15% y/y in the quarter, which indicates healthy demand for enterprise software, the analysts say. Oracle's organic applications license growth decelerated to approximately 6% in the quarter, indicating no market share gains versus SAP, Dresdner Kleinwort adds. The analysts expect SAP to report its FY07 results in-line with its guidance.