JPMorgan upgraded SAP SE to Overweight from Neutral and raised its price target to €275 from €175. The bank expects enterprise AI to move from pilot programs to mass production, benefiting established systems-of-record vendors such as SAP.
JPMorgan said scaling AI and generating returns will depend on context, control, and cost—areas where SAP has strengths. It cited early traction for SAP’s AI offerings, including its Joule assistant. SAP’s cloud backlog exceeded expectations for three consecutive quarters. Following the news, the company’s German-listed shares rose more than 2%.
JPMorgan raised its 2026–2028 forecasts for non-IFRS EBIT and EPS, reflecting greater confidence in SAP’s profitability. The new price target implies roughly 30% upside. It is based on projected EPS compound annual growth of about 17% through 2028.