SAP upgraded to "buy"

29.07.08 - Deutsche Bank

LONDON, July 29 (newratings.com) - Analyst Mark Bryan of Deutsche Bank upgrades SAP AG (SAP) from "hold" to "buy." The target price has been raised from ?34 to ?54.

In a research note published this morning, the analyst mentions that the company?s share price is only 15% above the trough level at present. SAP has reported robust 2Q08 results, with EPS ahead of the consensus, the analyst says. The company?s licence sales were ahead of the estimates and the consensus, Deutsche Bank adds.