Fears of disruption related to AI, amplified by a mixed but over-interpreted newsflow and Q1 results not expected to provide surprises on the upside, have taken a heavy toll on SAP YTD. Interest in native AI solutions for rapid deployment is fuelling concerns, but efficient use of AI will depend on its integration into critical systems, a focus SAP is expected to detail at the Sapphire event in May. We reiterate our Outperform rating, with a TP lowered to € 208 after the sector de-rating, while ...
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