SAP "buy"

13.11.07 - Dresdner Kleinwort Wasser.

LONDON, November 13 (newratings.com) - Analyst Adam Shepherd of Dresdner Kleinwort maintains his "buy" rating on SAP AG (SAP). The target price is set to ?47.

In a research note published this morning, the analyst mentions that the company?s investor day did not provide any indication of the impact of macroeconomic or credit market concerns on software spend. Although the market is expecting a substantial slowdown in SAP?s sales growth in 2008, the impact is likely to be moderate and the company should be able to maintain more than 10% software growth, Dresdner Kleinwort adds.