Slowing Cloud Bookings, Trade Concerns Trip Up SAP; Maintaining FVE of 116 EUR
SAP reported mixed results on its second quarter of 2019. Concerns around slowing cloud booking growth and weakness in Asia due to recent trade disputes sent shares down roughly 5% to EUR 113 per share. On the positive side, SAP reported margin improvement as it moves business segments off Oracle databases as well as continued customer interest in Qualtrics. We are maintaining our fair value estimate of EUR 116 per share and keeping our forecasts unchanged.SAP’s cloud revenue came in just under...
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