BMO Capital raised the firm’s price target on SAP (SAP) to $265 from $248 and keeps an Outperform rating on the shares. The company reported steady current cloud backlog excluding WalkMe, whiles its free cash flow was far above consensus expectations, the analyst tells investors in a research note. SAP’s implied Q4 free cash flow guidance also looks extremely conservative, and BMO remains positive on its longer-term cloud conversion story, the firm added.
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