SAP "buy"

15.01.08 - Dresdner Kleinwort Wasser.

LONDON, January 15 (newratings.com) - Analysts at Dresdner Kleinwort reiterate their "buy" rating on SAP AG (SAP-EUR). The target price is set to ?47.

In a research note published this morning, the analysts mention that the company has reported robust preliminary 4Q results, including better-than-guided product growth. SAP?s operating margins for the quarter were, however, negatively impacted by accelerated investment in Business ByDesign and currency headwinds, the analysts add. The company is expected to guide to over 10% product growth in 2008, Dresdner Kelinwort says.